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 £...
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