Figures from life company Norwich Union International (NUI) show a bumper year, with a 29% rise (E44...
Figures from life company Norwich Union International (NUI) show a bumper year, with a 29% rise (E448.5m) in sales for 2005.
Clive Witter, managing director of NUI, said the company was set to grow this further with a raft of new products launches throughout 2006.
He said: "We plan to build on this growth with the introduction of further products, following the recent launch of Premier Portfolio, a bond offering access to thousands of funds from various investment managers.
"We have also designed a new inheritance tax planning solution - the Estate Protection Plan - that combines Premier Portfolio with a new trust, the Estate Protection Trust. Another recent innovation is the new inflation-protected guarantee from with-profit investments made in the With-Profit Bond and International Core Funds Bond.
"All these have been designed to add to our track record, where we have seen consistent growth over the past three years, with an average compounded growth rate of 38% per annum."
In addition, the Norwich Union offshore with-profit fund announced bonus rates for 2006 of 5% for its sterling and 4.75% for its euro/dollar version (see page 9, for more on with-profits).
In response to the good performance, John Lister, chief actuary at Norwich Union, said: "The UK economy has seen growth over the last year largely as a result of strong merger and acquisition activity and buoyant corporate earnings. Rising oil prices also gave a boost to the FTSE All-Share index.
"The US economy, which acts as a barometer to the world economy, has also demonstrated growth over the last year, supported by the continuing strength of US consumer demand and the vibrant US housing market."
However, he warned given the strong performance of equity markets in 2005 he expects lower returns for the next 12-18 months. He anticipates 2006 returns of 5% to 10% for equities and property.
NUI was established in 1999 as an offshore subsidiary and is part of the Aviva group which has £291bn assets under management. Products include its single premium plans such as the International Premier Portfolio, the International Core funds, as well as its International With Profits funds.
Investors can also choose to invest in multi-manager products such as the International Portfolio Bond which offers them a choice of external managers .
NU sales up by 29% to E448.5m for 2005
Last three year compounded growth rate was 38%
Plan to introduce further products for 2006
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