Standard Life chief quits
UK - Standard Life's chief executive of UK financial services Trevor Matthews quit, as the firm announced its new business results for the past 12 months.
Sandy Crombie, group chief executive, will lead UK financial services for Standard Life until a successor for has been appointed. Matthews is to join rival Friends Provident as chief executive.
Crombie said: "Trevor Matthews, with his experience of Australia, Japan and Canada, played an important role during our transition from a mutual business to a listed plc. We have a strong team who, I'm sure, will relish the opportunity to continue the growth in our UK business."
Standard Life's new business results for the twelve months to 31 December 2007 showed individual pension sales decreased by 18% to £782m (2006: £951m).
Group pensions sales, however, increased by 29% to £2.5bn (2006: £1.9bn). The firm said this reflected the strong levels of new and incremental business during the fourth quarter and the large group stakeholder scheme rewritten as a group SIPP.
At 31 December 2007, UK group pension funds under management had increased to £15.0bn (31 December 2006: £13.5bn). This was because at the end of 2007 the firm had a strong pipeline of new business, and expected a large scheme to transition during the first quarter.
Crombie added: "The group's performance in 2007 was good, consolidating the strong progress made in previous years. We grew worldwide life and pensions sales by 12%, and Standard Life Investments continues to deliver strong growth, despite challenging market conditions in the second half of the year."
Crombie said: "Trevor Matthews, with his experience of Australia, Japan and Canada, played an important role during our transition from a mutual business to a listed plc. We have a strong team who, I'm sure, will relish the opportunity to continue the growth in our UK business."
Standard Life's new business results for the twelve months to 31 December 2007 showed individual pension sales decreased by 18% to £782m (2006: £951m).
Group pensions sales, however, increased by 29% to £2.5bn (2006: £1.9bn). The firm said this reflected the strong levels of new and incremental business during the fourth quarter and the large group stakeholder scheme rewritten as a group SIPP.
At 31 December 2007, UK group pension funds under management had increased to £15.0bn (31 December 2006: £13.5bn). This was because at the end of 2007 the firm had a strong pipeline of new business, and expected a large scheme to transition during the first quarter.
Crombie added: "The group's performance in 2007 was good, consolidating the strong progress made in previous years. We grew worldwide life and pensions sales by 12%, and Standard Life Investments continues to deliver strong growth, despite challenging market conditions in the second half of the year."
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