Scottish Widows increased profits by 6% during 2008, with life and pensions sales driving much of its growth.
The insurance and investment arm of Lloyds Banking Group saw falling IFA sales as investment bond number plummeted. Before tax, profits at Scottish Widows rose by £38m to £635m, with life and pensions new business profits up 46% to £238m. However, profits from existing business fell 12% as long-term lapse assumptions were changed due to market conditions. Savings and investment sales tumbled 52% to just £437m and managed fund business dropped 55% to £217m. Sales through IFAs dipped 8%, though Scottish Widows says this reflects a general decline in sales through financial advisers. ...
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