Standard Life Plc, the fourth largest insurer by market value in UK, said today that it has reported a growth of 30% in its first quarter sales, beating the expectations of the analysts.

The insurer said that the outstanding performance in the first quarter was mainly attributable to the growth in corporate pensions and in its core retail products.

Standard Life said that total long term savings sales were reported of £4.65 billion in the first quarter of the year, increasing by 30% while it was reported of £3.57 billion in the same quarter last year.

The first quarter sales figures beat the expectations of the market analysts as they were expecting sales of £3.76 billion for the period. The corporate pension sales also rose by 21% in the first quarter.

Encouraged by the good performance in the first quarter, the company said that it is on track to improve profitability.

"This increased momentum positions us well for improved cash flow and profit generation as our program of developments is delivered," said David Nish, chief executive of Standard Life.