STANDARD LIFE RECORDS STRONG GROWTH IN NEW BUSINESS

UK mutual insurer Standard Life has reported new business for the year to end-November 2002 of £1.82bn on an annual premium equivalent basis, up 16% on the previous year. It also revealed that its free asset ratio of 13.8% remains well ahead of local regulator the Financial Services Authority’s minimum of 4%. The figures, which were released only days after Standard Life asked the FSA to ease solvency rules for the firm as tumbling equity markets have hit the value of its investment portfolio, support the insurer’s insistence that it remains confident about its financial position and solvency levels.