Policy Lapses Remain Above Expectations for Standard Life

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STANDARD Life has revealed that policy lapses since its flotation last year are continuing above expectations, and that it is unclear whether they are likely to be a permanent fixture or fall back to earlier volumes.

The admission came as the company announced strong sales figures, despite increased competition in the market for one of its key products. UK life and pension sales soared 54 per cent on an APE basis - regular premiums plus 10 per cent of single premiums - to GBP 1.4 billion for the year to 31 December. This was just ahead of the mid-point of the range forecast by analysts. Worldwide sales increased 39 per cent to GBP 1.7bn.

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Policy Lapses Remain Above Expectations for Standard Life

Sandy Crombie, chief executive of the Edinburgh life and pensions giant, indicated that the rise in cancelled policies was linked to "A-Day" pension reforms...

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