Standard Life, Europe’s largest mutual life assurance company, today announced the strongest performance in the history of the company. Worldwide group new premium income for 2001 reached a record $18.9 billion, an increase of 61% over last year, of which $14.3 billion came from the U.K.

“Standard Life’s performance during 2001 has been quite exceptional. Against the background of an intensely competitive market and volatile stock market conditions, we have experienced an enormous increase in the level of new business,” said Scott Bell, Group Managing Director.

“We have been particularly successful in the U.K., with sales of life and pensions products well in excess of our expectations. This success underlines the importance of Standard Life’s financial strength which, in these difficult times, is particularly important to new and existing customers who are investing for the long term. It also underlines the importance customers place on our mutual status which allows us to concentrate solely on their needs.”

“Looking ahead, the environment will remain challenging for all financial services companies. Standard Life is, however, as well positioned as any company to take full advantage of the opportunities which lie ahead.”

During 2001 Standard Life has continued to focus attention on providing competitive returns for with profits policyholders and has achieved significant results in the following areas:

Total new premium income in the U.K. increased by 76% to $14.3 billion. One of the strongest performing sectors was the individual pensions market where new premium income was 60% ahead of last year to almost $4.5 billion. New premium income of group pensions and annuities increased by 98% to $4.5 billion. New premium income of With Profit Bonds stands at over $3.2 billion.

Of total new U.K. business, more than 90% was generated by independent financial advisors. Standard Life currently has a 15.5% share of the total IFA market.