Standard Life saw strong growth in both its workplace and bulk purchase annuity business in the first six months of this year.
Phoenix Group’s interim results show that new business long-term cash had more than doubled to £885m, with more than £665m coming from its retirement solutions business. This is a significant increase on the £282m seen in the second half of 2022.
In total Standard Life’s workplace business had £1.8bn of net fund flows. The company said it was benefiting from strong retention of existing clients and a wave of new joiners to existing schemes, alongside increasing member contributions.
It added that its workplace business is currently quoting on a significant pipeline of new schemes.
Commenting on the results CEO, Andy Curran said Standard Life have attracted around £3bn of new scheme assets that are due to transfer to us over the next two years.
The company’s bulk purchase annuity premium now stand at £3.2bn, up from £1.6bn in the second half of 2022.
Curran adds: “Solid growth across our Workplace pensions business in the first six months of the year reflects our ongoing investment with us winning more of the bigger schemes in the market.
“Our Retirement Solutions business is also experiencing similar momentum with £3.2bn of BPA premiums contracted in the first half of 2023. We are winning more schemes on a selective participation basis while maintaining a balanced business mix in a competitive marketplace.
“The challenges posed by the cost-of-living crisis means customers are increasingly seeking greater certainty as they plan for their future. We have taken a number of significant steps to help them, launching our first open market individual annuity to meet this need and rolling out Money Mindset, our financial wellness digital coaching tool that helps customers better understand and manage their finances.
But he adds: “The current environment puts the financial needs of people in sharp focus and more needs to be done in the UK to provide support for all to help them make more sense of their finances and give them more personal information and support.”
