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Group pensions boost Scot Life

Scottish Life&#39s new life and pension business leapt by 35 per cent to £102.1m last year from £75.7m in 1996, following major gains in the group personal pension market.

Total GPP business soared by 267 per cent to £23.5m from £6.4m. Single-premium GPP sales rose by 369 per cent to £22.5m from £4.8m.

Total individual pension business rose by 11 per cent to £36.5m from £32.9m in 1996.

General manager (sales) Jim Gilchrist says: "As a company committed to the IFA market, we have continued to benefit from the resurgence over the past few years in the IFA market share."

Scottish Mutual also improved performance in 1997. Total group premiums – including the life office, Scottish Mutual International and healthcare provider Pegasus – rose by 28 per cent to £169m from £132m.

The life office itself saw a 12 per cent increase in business to £136.9m from £122.4m.

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