Retirement provider Standard Life, part of Phoenix Group, has reported a business boost from the growing popularity of annuities.

Announcing its 2024 financial results today, the company said it had achieved a top 5 average position in the bulk purchase annuity (BPA) market over the last three years, writing £5.1bn of premiums in 2024.

That was slightly down on 2023’s £6.2bn, but the firm’s annuity premiums' total was boosted by its move back into individual annuities.

The company re-entered the individual annuity market in 2023 and said it wrote £1bn-worth of individual annuity premiums last year, taking a 12% share of the market.

Andy Curran, CEO of Standard Life, said: "Our digital experience has been crucial in gaining customer trust, with 90% of annuity quotes produced in seconds. With in excess of 80% of people seeking a guaranteed income alongside flexibility, we quickly extended our annuity range."

The business maintained a top-three market position with 13% growth in Workplace net fund flows of £5.3bn, up from £4.7bn in 2023, taking Workplace AUA to £66.5bn.

Mr Curran said: “We’ve delivered profitable growth, with both our Standard Life Pensions & Savings and Retirement Solutions businesses with IFRS operating profit up 66% and 25% respectively.

“We have a unique competitive advantage in our markets with one-in-five adults already Phoenix Group customers.”

The firm said there was a 34% improvement in retail (direct and intermediated) gross inflows to £5.1bn last year, up from £3.8bn the previous year.

Mr Curran said the results reflected, “the green shoots of our retail business strategy.”

Despite the improvements he warned about the retirement crisis facing the country.

He said: “While these numbers point to strong growth, we are acutely aware that the UK is facing into a retirement crisis.

“With only 1 in 7 UK adults saving enough for retirement and only 10% receiving financial advice, we continue to focus on engaging regulators and government to bring about change so people can save more when in work, but also secure better incomes when in retirement.

“Making pensions relevant remains a significant challenge for our industry.”