Final year figures for Scottish Widows' protection arm dropped almost 10%, despite an overall increase in IFA sales and in its life and pensions business.
The 2006 results released today reveal profit before tax for the insurer’s life, pensions and open ended insurance companies (OEICs) arm rose £46m to £701m over the past 12 months, while overall profit before tax for the insurer rose 11% to £973m. However while on a present value of new business premiums (PVNBP) basis individual pensions rose by 1% to £2.2bn, and corporate and other pensions increased by 29% to £1.96bn, its protection business fell 9% to £232m from £255m in 2005. In addition the company has revealed sales through its IFA distribution channel increased by 14% in 2006 t...
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