Winterthur Life has reported strong new business growth across its individual pensions business in the first three months of the year.
The figures released today reveal single premium personal pension business increased by 192% from £97m in 2006 to £284m in the three months ending 31 March, while income withdrawal jumped 467% to £138m from just £24m in 2006.
In addition, the firm says annual premium personal pensions new business grew 113% to £3.2m, up from £1.5m in 2006, while new investment bond business grew 17% to £31m, bringing assets under management to £10.77bn up form £9.3bn in the first quarter of 2006.
And in total Winterthur Life says new individual pensions business in the first three months of 2007 climbed 100% to £515m, on a single premium equivalent (SPE) basis, compared to £257m in 2006.
Mike Kellard, chief executive of AXA Wealth Management and Winterthur, attributes the sharp increase to its strong A-Day proposition which he says has proved a strong driver for growth in individual pensions, while its alignment with the High Net Worth (HNW) and holistic financial planning markets has also contributed strongly.
Kellard adds: “Our aim is to expand our presence in the HNW advisory market through wider and deeper market penetration. This will be achieved by continuing to develop Winterthur’s distribution sales support strategy to provide greater support to the holistic financial planner/high net worth adviser community.”
And he says the firm’s wealth management business is now entering a new phase, as the business is planning to expand its product portfolio into complementary areas for customers in the pre/at and post retirement phases.
He adds: “With the new wealthy market – those with £100,000 plus available as liquid assets to invest - predicted to grow by 10% to over two million people by end of 2007, the future looks very strong for us.”
And Paul Evans, chief executive of AXA Life, says: “These are incredible results, evidencing continued IFA support for Winterthur’s wealth business, following our decision to continue to operate it independently post acquisition.”
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