View more on these topics

IFAs take 75% of CGNU&#39s business

CGNU have revealed that IFAs now account for more than three-quarters of its life and pension business in the UK.

The newly merged life office saw UK life and pension sales rose by nearly 25 per cent to £479m from £384m in the first six months of this year, in equivalent premium income terms.

The company says this reflects the strong performance since the merger.

UK sales of investment products grew to £521m from £472m with this growth reflecting sales of its Cat-standard Isas which totalled £172m.

By contrast, CGNU desc ribes its general insurance business as “disappointing”.

But worldwide new sales have risen by 18 per cent from £5.3bn to £6.1bn.

Group chief executive Bob Scott says: “This is our first opportunity to report on the performance of CGNU following the merger of CGU and Norwich Union. Our life and savings business in the UK and continental Europe made excellent progress in the half year.

“The combined group has achieved an improved competitive position in a number of its chosen markets and significant opportunities for cost savings and is in a good position to provide increased returns.”

Recommended

Public still cautious on loans

The public are still cautious when it comes to managing their money, according to research by Yorkshire Bank.The bank interviewed 1,000 people and found almost two-thirds, categorised at decisives, plan their finances, especially loans, very carefully. Researcher Dr David Lewis, who analysed the survey&#39s results, categorised the remining people questioned as impressives, nesters and speculators.Impressives […]

Venture into the jungle

Clients could be losing out if their IFAs ignore the investment returns from the unquoted sector. The cost of due diligence is beyond the resources of most IFAs but they should not be put off exploring the unquoted sector jungle.The Inland Revenue defines unquoted companies as those whose shares are either quoted on the AIM […]

Mortgage regulation system to run until 200

The system for statutory regulation of mortgages, which controversially excludes mortgage advice, looks set to run until at least 2003.The FSA regulation ofmortgages will not come into effect until autumn next year. After two years, it will be reviewed by the Government under plans announced as part of the Treasury response to the Cruickshank review […]

Trackers lose the ascent

Tracker funds were never meant to be “all singing and all dancing” and were never seriously expected to outperform actively managed funds for long.A recent Money Marketing survey found that the top 10 Isa contracts, using projected growth rates and deducting management charges, were all tracker funds. This comes as no surprise really. Using projected […]

Changes to early exit pension charges

In November last year, the FCA announced that from 31 March 2017, early exit pension charges will be capped at 1% for those customers who are eligible to access their retirement savings from age of 55. The rules also state that for new personal pension plans started after that date, or on new increments into […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment