Standard Life sees assets climb

City A.M. Reporter

ref="">Standard Life said it expected more profit growth despite tough economic conditions and posted a rise in assets under administration for the first nine months of the year.

Standard Life, Britain's fourth biggest insurer by market capitalisation, said assets under administration for the nine months to end-September rose 13 per cent from last year to £192.4bn.

The company said it had enjoyed higher sales of fixed interest savings products and more business from institutional clients.

In August, Standard Life reported a 10 per cent rise in its first-half operating profits, helped by growth at its overseas divisions.

"The momentum we have built through the year positions us well to increase future cash flows and profit generation," Chief Executive David Nish said in a statement, adding that the company was well placed to back its progressive dividend policy.