Insurer Standard Life's Irish businesses recorded sales of £1.29 billion (€1.5 billion) in 2010, up 51 per cent compared to the preceding year, the company said today.

The group, which operates two businesses here, said new sales at Standard Life Ireland rose 22 per cent to £598 million (€698 million). The company's offshore bonds business - Standard Life International - which provides products primarily to UK investors - saw increased sales of 89 per cent to £700 million (€817 million).

Standard Life International chief executive Nigel Dunne said the group's Irish operations performed "exceptionally well last year despite the difficult environment."  However, he warned of tougher times ahead for the Irish pensions industry and called on the new Government to make pensions more attractive to consumers by keeping taxes low.

Standard, which is Britain's fifth-biggest life insurer, reported a 7 per cent rise in 2010 group profit and said it had made a strong start to 2011.

Overall, it made an operating profit of £425 million last year, up from £399 million in 2010.