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Big pension boost for Norwich Union

Norwich Union&#39s UK business leapt by 23 per cent in the first half of this

year to £668m in equivalent premium income from £541m last year,

boosted by a massive increase in pension sales.

Individual pension sales were up by 77 per cent to £140.8m from

£79.5m last year. Group pension business rose by 41 per cent to

£176m from £124.6m.

IFAs accounted for £507m of overall sales, up by 20 per cent from

£422m. NU now does 75 per cent of its business through IFAs.

Partnerships such as NU&#39s arrangement with Tesco and its direct-sales

operation accounted for £161m of sales, an increase of 35 per cent

from £119m in the same period last year. Life sales were also up by

17.7 per cent to £52.4m from £44.5m last year.

Regular-premium mortgage business, including mortgage protection and

endowments, grew by 21 per cent to £23m from £19m last year.

However, single-premium annuities sales were down by 16 per cent to

£351m from £420m.

Bond sales increased by 5.5 per cent to total £178m from £169m

while other investment sales remained the same at £62m.

NU&#39s partnership with the Royal Bank of Scotland has brought in

£28.6m-worth of business in the first six months of this year. NU

plans to launch Royal Scottish Assurance-branded life products by August as

part of the link-up.

Sales and marketing director Peter Hales says: “The IFA market continues

to demonstrate strong support for NU and remains our main source of

business.”

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