Skandia UK posts 65% jump in new life business

New life business, on an APE basis, climbed to £193m over the half, compared to £117m in the corresponding period last year. The rise was primarily driven by a 66% jump in pensions new business, to £153m. Funds under management at Skandia UK increased 3.5% to £29.2bn as of 30 June. Growth has been driven by increasing use of the Skandia Investment Solutions platform (SIS) as customers shun old traditional life products, the group says. Its platform generated net inflows of £1.9bn over the period, up 171% on the same period last year. Mutual fund sales doubled and ISAs were also up ...