Winterthur chief executive Mike Kellard says he believes the proposed changes in the retail distribution review will boost the life company’s app-eal to IFAs and enable it to increase its pension and investment business.
He says: “The number of IFAs supporting Winterthur has increased by a further 12 per cent over the past six months on top of the 100 per cent increase in 2006, which is a strong endorsement of the strategy followed by Winterthur, supported by its parent Axa UK.
“I believe the proposed changes coming through as a result of the FSA’s review of retail distribution will boost Winterthur’s appeal further and help it grow its pension and investments business in the future.”
Winterthur’s individual pension business has rocketed by 74 per cent, reflecting the continued momentum from A-Day. Individual pension business increased to £1.05bn in the first half of the year compared with £603m in the first six months of 2006 .
Winterthur says the results were boosted by the strong performance of its single-prem-ium personal pensions which rose to £568m from £244m .
Income withdrawal rose by 215 per cent to £286m from £91m while annual-premium personal pension business grew by 51 per cent to £7.5m from £5m.
Assets under management grew to £11bn from £9bn while investment bond new business rose by 13 per cent to £58m from £51m.