Insurer Standard Life said robust pension sales in Britain helped it withstand a general downturn in saving and investment levels in the first quarter.

Standard Life, the first major European insurer to report quarterly results, had new business sales of £5 billion.

That was down from £5.8 billion a year earlier, but still ahead of the £4.8 billion pencilled in by analysts in a company poll.

The forecast-beating performance was driven by strength in its British corporate pensions business, where net inflows more than doubled to £739 million, well ahead of the £326 million expected by analysts.