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IFAs get credit as Skandia surges

Skandia Group claims its faith in the IFA market is responsible for a 102 per cent surge in new business in the six months to June 30.

The results move Skandia into the ranks of top-performing life offices for IFA business although direct com-parisons are difficult because offices calculate the figures in different ways.

Equivalent premium income rose to £266m in the first half compared with £132m in the same period of 1999.

Single-premium life and pension business soared by 145 per cent to £1.32bn from £540m. Regular-premium business rose by 44 per cent to £65m from £45m. Non-life business was up by 97 per cent to £550m from £279m.

Skandia says the results show the IFA market is thriving and doing more business than ever.

Managing director Alan Wilson says: “These tremendous results follow a successful year in 1999. Total new premiums for the first half are almost £100m above the total achieved for the whole of 1999.

“The results are a tremendous endorsement of the Skandia approach to multi-manager investment and our faith in the IFA market.”

Maddison Monetary Management managing director Mark Howard says: “It was clear some years ago where Skandia wanted to be positioned and it stands to achieve the goals it set itself.

“Skandia is a force to be reckoned with. It wants to achieve maximum market penetration and these results show it is on the way to doing it.”

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