Scottish Life increased its annual premium equivalent business by 8 per cent to £74m for the first half of 2004 from £68.5m for the same period last year.
Individual pensions business rose 21 per cent to £32.7m from £27m while group pensions business grew 2 per cent to £36.3m from £35.5m over the period.
Scottish Life chief executive Brian Duffin says: “I'm very pleased that we have continued to perform well in what has been a relatively flat pensions market. A particularly encouraging sign is that second quarter new business was 18 per cent ahead of first quarter figures.
“Sales of individual plans have been notably strong, reflecting the launch, in the middle of last year, of the new 'Individual' range of products, with their market-leading Financial Adviser Fee facility.”