Skandia UK suffered an 18% drop in life sales during the first nine months of the year, as nervous investors shied away from single pensions and bonds.
Life sales dived to £464m in the period (APE), attributed to a decline in bond sales following the CGT changes earlier in the year and a fall single premium pensions.
Unit trust sales plummeted 25% to £1.4bn, with a poor ISA season driving retail business down 31%.
The firm was still able to attract a £1.4bn net client cash flow in the period, while falling equity markets led to a 13% decrease in funds under management, to £36.3bn.
While single premium pensions dipped in the period, regular premiums bucked the trend and climbed 10%.
The company’s value of new business dived 17% to £49m, while its new business margin ended the period up 1% to 11%.
Skandia Investment Group's Spectrum fund range saw solid inflows in Q3, with total sales over £61m since its 28 April launch.
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