View more on these topics

Canada Life sales driven by IFAs

IFAs sales have soared in the first six months of the year according to Canada Life.


Announcing its new business figures for the first half of the year, the life office says equivalent premium income is up 16.6 per cent on the same period last year to £65.3m from £56.2m.


Sales through IFAs rose 29.8 per cent to £16.89m from £13.01m. By comparison the direct sales force showed no increase at all in sales – it generated £15.43m worth of business both periods.


IFA business now accounts for over three quarters of the total business written by Canada Life.


The mutual attributes the growth to a boom in offshore investment business with single premium up 125 per cent and to individual and group PHI sales.


Canada Life IFA division executive director Neil Stevens says: &#34We are clearly seeing the fruit of our strategy for bold growth in the IFA market.


&#34We feel that with the impact of stakeholder and related issues on IFA income, our range of protection and niche investment products leaves us well placed to achieve further business growth.&#34


Canada Life is expected to demutualise in November this year.

Recommended

Standard Life Investments hits £35m Isa sales mark

Sales of Isas at Standard Life Investments have topped £35m in the three months since their launch according to the company.The life office says sales of Isas have exceeded their Pep equivalents for the corresponding period last year.Standard reports mutual funds sales for the first three months of this tax year reached £75.8m of which […]

Johnstone Douglas appoints head of stakeholder development

Employee benefits specialists Johnstone Douglas has appointed John Carr as associate director in charge of stakeholder pensions development.His role will be to gain an &#39unfair&#39 share of pensions and computer software market resulting from the introduction of stakeholder pensions.Previously semi-retired, Carr has been working for the IFA in the capacity of compliance officer.Formerly he has […]

C&G offers extra discount for larger loans

Cheltenham & Gloucester has launched a special discount offer for borrowers with larger loans.The offer provides borrowers with loans above £100,000 an extra 0.5 per cent off their discounted rate mortgage for the first 12 months.It means borrowers of up to 90 per cent loan to value, opting for a two year discount rate will […]

Wesleyan Home Loans abolishes redemption penalty lock ins

Wesleyan Home Loans is abolishing redemption penalty overhangs on its range of mortgages.The move will apply to its range of new loans from August 12.Wesleyan Home Loans director Frank Brooks says: &#34As financial services evolve in the UK, it has become increasingly evident extended lock ins are neither appropriate nor acceptable.&#34We pride ourselves on being […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment