Britannic Group's new business through IFAs has jumped by 23 per cent to
£106m from £86m in the six months of this year compared with the
same period last year.
It says the growth in IFA business is due to the strong performance of
subsidiaries Britannic Retirement Solutions and Britannic Money.
Annuity specialist Brit-annic Retirement Solutions sold £55m-worth of
new business, virtually all of it through IFAs, while 80 per cent of
flexible lender Britannic Money's £400m in new business was conducted
The group's Glasgow-based asset management business Britannic Asset
Management increased business to £131m from £124m but the IFA
side fell by 39 per cent to £40m from £65m. Britannic says this
is largely due to poor market conditions which have seen many investors
The growth in sales of unit trusts and Isas is due to the strategic
relationship the group signed with Britannia Building Society.
Britannic chief executive Brian Shaw says: “These are strong results
despite the challenging market conditions. They are also the first results
following our rebranding programme and the res-tructuring taking place at
“They show the shape of our new group and the str-ength and momentum
particularly of our new businesses and our broadened range of distribution