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Mortgage life sales drop 25 per cent at CGU Life

New mortgage life business fell 25 per cent over the first six months of the year according to latest figures from CGU Life.


The figures reveal mortgage life business dropped £6m in terms of equivalent premium income to £18m for first half of the year compared to £24m in for the same period of 1998.


The life office blames the fall on the overlap between mortgage endowment and term assurance products brought about by the merger of Commercial Union and General Accident last year.


Despite the downturn in its mortgage life business, total EPI life sales were up 17 per cent to £122m from £105m compared to the previous year.


With sales boosted by a 75 per cent increase in single premium bond business with CGU&#39s Portfolio bond receiving investments of £921m up £394m from the previous year.


Total sales new business sales rose by 21 per cent for the six months to June30. With EPI up £44m to £258m from £214m over the same period the previous year.


Figures for Pep, unit trust and Isa sales soared by 62 per cent to £42m EPI up from £26m for the previous year


CGU&#39s sales & marketing director Peter Hales says: &#34The first half of the year has been very successful, with the business achieving strong and profitable growth across all channels of distribution.


&#34Investment and pensions business has been particularly strong, where our stakeholder initiative has removed considerable uncertainty in the market.&#34

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