Standard Life reports Q1 results
Standard Life Financial says premiums and deposits in Canada grew 15 per cent to $1.3 billion in the first quarter, as investors regained some confidence in their savings. The company, which is Standard Life PLC’s largest operation outside of the United Kingdom, said the increase for the three months ended March 31 compares to $1.1 billion in deposits in the same period last year.
Standard Life said premiums and deposits for retail retirement, savings and life insurance products, excluding mutual funds, jumped by 46 per cent to $479 million. Mutual fund sales rose 72 per cent to $165 million, as investors demonstrated some recovered optimism in the retail market. Premiums and deposits in the company’s core defined contribution segment of its group savings and retirement business increased slightly to $657 million while group insurance premiums were up by four per cent to $160 million.
“Our team has been focusing on growing the Canadian business, and our results for the first quarter point in the right direction,” said Standard Life Financial’s president Joseph Iannicelli in a release.
“A strong and sustained growth in our retail business drove the overall improvement of our revenue, and this is encouraging.”
The firm said that while its optimistic for the remainder of this year, there is still uncertainty in markets, and as a result it will focus on expanding its sales and distribution capabilities.
The Standard Life Assurance Company of Canada, which is Standard Life Financial’s main operating company, employs about 2,000 people in Montreal and across Canada, providing group insurance and pension plans.
