Standard Life sales drop

Life and pensions giant Standard Life today reported a 20 per cent drop in fourth quarter UK sales as market volatility hit the group's domestic business.

The news comes after the announcement late yesterday that its UK boss Trevor Matthews had quit to head up rival Friends Provident.

Standard Life posted £2.92 billion of UK life and pensions sales in the last three months of 2007, which was below the £3.04 billion expected in the market.

But the fourth quarter performance failed to derail double digit full-year growth in the UK, with life and pensions new business up 15 per cent to £13.17 billion.