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Group pensions push ScotLife to record business levels

Scottish Life Group achieved record levels of new business last year as sales rose by 6 per cent over 1999 figures.

New singleand regularpremium business was up to more than £825m from £780m in 1999. Equivalent premium inc ome rose by 2 per cent to £139.9m from £136.9m.

Total new singleand regular-premium group pension business shot up by 56 per cent to £150m from £84m, representing an 18 per cent inc rease in equivalent premium income to £35.1m from £29.8m.

The life office attributes the rise in new business to strong sales of group pensions and the continued success of Scottish Life International. SLI business leapt by 40 per cent in EPI to £32.8m from £23.5m with single-premium bus iness up by 35 per cent to £316m from £234m.

ScotLife says the new business results were satisfactory, considering uncertainties surrounding stakeholder and concerns over mort gage endow ment shortfalls.

Group chief executive Brian Duffin says: “Most pleasing from a commercial perspective is that our focus on quality of business rather than just volume has continued to pay off. We have been able to add more value to the company as a result which is an achievement I am particularly proud of.”

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