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IFAs boost business at Britannic by 23%

Britannic Group&#39s 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&#39s £400m in new business was conducted

thr-ough IFAs.

The group&#39s 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

avoid equities.

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

Britannic Assurance.

“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



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The Daley Update

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Directors, limited liability partners and auto-enrolment

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