Standard Life plc's new business results for 2008 show a drop in worldwide life and pensions sales of six per cent to £15.6bn.

Total net flows across the worldwide life and pensions operations were down from £2.8bn in 2007 to £2.4bn in 2008. However, in Europe, net flows were 13 per cent higher at £620million in 2008 than in 2007, at £548million. German gross inflows offset the impact of the weak Irish markets in the first three quarters.

Sales in life and pensions in Europe declined by 27 per cent, with Ireland contributing greatly to this with sales of £417million, 21 per cent lower than 2007. Standard Life attributed this to decreasing property prices and a weak domestic stock market. Germany, however, slightly offset this with sales of £580million, although this figure was 31 per cent lower than in 2007.

Standard Life said that the outlook for 2009 is that they expect to face challenging markets, with the combination of weakening economic conditions and an unprecedented level of dislocation in the financial markets.

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