Norwich Union International has reported a 60 per cent rise in its offshore sales in 2007. Offshore sales last year were worth a total of £521m compared to £325m in 2006.
The Dublin-based offshore business from Aviva says sales of unit-linked offshore bonds more than doubled to £280m – up from £135m in 2006.
Norwich Union director of marketing Neil Davies says: “We’re delighted with our new business figures, which have continued to grow strongly in recent years. Sales in the UK have grown strongly because we have continued to enhance Premier Portfolio, our flagship open architecture wrapper. For example, in 2007, we have created a market-leading discretionary manager proposition, with in-specie transfers being one of many new additions.
He adds: “The attractiveness of discretionary asset management has continued to grow strongly. More advisers and discretionary managers are combining their skills to create compelling customer offers, and offshore bonds are a critical ingredient to this mix.”