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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.


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