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1Bn business for Scottish Life

Scottish Life has pulled in 1bn of new business in the first nine months of the year.

Scottish Life’s figures are up 11 per cent from 983m compared with the same period in 2005.

Parent group Royal London has reported a 21 per cent increase in new life and pensions business in the first nine months of the year compared with the same period last year up from 1.29bn to 1.57bn.

Scottish Life International saw sales up 40 per cent to 135m from 96m in 2005 and Royal London Asset Management’s gross new business was up 78 per cent to 738m compared with 415m in 2005.

Bright Grey’s new business was static at 127m.

Royal London group chief executive Mike Yardley says: “Overall new business growth has been satisfactory. Our continued focus has been on profitability rather than writing new business on terms we believe would be unprofitable, in order to increase market share. We expect the market to remain highly competitive.”

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