Scot Wids profits up 6% but IFA business falls

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. ...