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CGU sees 14 per cent new business increase despite merger

CGU saw its new UK life and pensions business grow by 14 per cent to £285m in the first nine months of 1998, compared with £250m in the same period last year.


The life office, formed out of the merger of Commercial Union and General Accident, increased its sales of single premium life and pensions products by 13 per cent to £1,534m from £1,356m in the first nine months of 1997.


The growth was boosted by strong investment bond sales up 20 per cent to £957m, from £794m. New annual premiums were 15 per cent higher at £132m, from £115m.


CGU boosted its share of the life, pensions and investment market to 5.1 per cent from 4.8 per cent since merger on the back of strong pension sales.


The life office saw its new annual pension premiums grow 16 per cent to £125m in the first nine months of 1998, up from £108m in the same period last year.


The growth came from a 26 per cent rise in new annual premiums to £78m from £62m and a 1 per cent increase in single premiums to £470m, from £464m.


CGU sales and marketing director Peter Hales says: &#34The fact that these sales level were achieved during a merger owes much to the quality fo out products and our people.&#34

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