Standard Life tells Prudential to look at UK for growth

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Pru and Aviva — the two biggest players — are looking overseas for growth, something Standard chief executive David Nish thinks is an error.

"This is the third-largest pension market in the world," he said. The UK is a stunning place to do business."

He was speaking as Standard unveiled results for the year to March that topped expectations. Funds under management rose 15% to £170 billion, though profits slipped to £919 million.

The dividend to shareholders, which include millions of policyholders who got stock when the insurer floated in 2006, rose 4% to 12.24p.

Standard's Asian business accounts for just £6 million of profits.

Nish, who rose from finance director to chief executive at the start of the year, says changes to pension legislation in 2012 will also increase the size of the UK market.