LONDON (Reuters) - Europe's largest mutual life insurer Standard Life (SL.UL: Quote, Profile, Research) said on Wednesday third quarter insurance sales fell 7 percent and it expected competitive market conditions to persist for UK pensions business.

The Edinburgh-based society, expected to list on the London stock exchange next year, said worldwide sales in the third quarter were 250 million pounds compared with 268 million in the same period last year.

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