Figures from Winterthur Life UK for the first nine months of 2006 suggest the provider has made some strong gains according to its preferred method of counting its business.
According to so-called Single Premium Equivalent counting overall pension sales, including regular premiums, were up 46% to £1.81bn in the first three quarter of the year. Single premium pension sales jumped 120% to £1bn. A spokesman for the company says SPE figures are used instead of Annualised Premium Equivalent – which counts all regular premiums plus 10% of single premiums – because it better reflects the mix of business done. SPE is defined as all new single premiums plus new regular premiums multiplied by 10. Winterthur says its sales growth has particularly benefited from its ...
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