"For the second quarter in a row, we have delivered solid growth in our retail business. We're starting to see the benefits of the repositioning we undertook a few years ago," said Joseph Iannicelli, President. "I am pleased that the Canadian business continues to contribute positively to the growth and strength of the Standard Life group."

Individual retirement, savings and insurance premiums and deposits have improved by 115% to $386 million (2008: $180 million). Term funds sales increased six fold due to strong market demand, and segregated funds sales were up 29% as a result of a more favourable competitive environment. However, the market for mutual funds remains challenging, and sales declined by 3% to $94 million (2008: $97 million).

Premiums in the group business have increased by 17% in the third quarter. The Company's core defined contribution segment within its group savings and retirement business grew by 37% to $530 million (2008: $386 million). Group insurance premiums have also risen by 2% to $154 million (2008: $152 million).

The Standard Life Assurance Company of Canada reported a solvency ratio of 206%, without any need to access additional capital, and maintained a client retention rate of 94%.

"Considerable amounts of liquidity remain in the market as investors are still cautious about investment prospects in the near term. We are poised to take advantage of the opportunities that will arise when individual investors return to the market," added Iannicelli. "We also remain well positioned to continue leveraging our strengths in our core chosen segments of defined contribution pension and disability management."