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NU takes 20% stakeholder share

Norwich Union claims it is now the leading provider of stakeholder

pensions after taking a 20 per cent market share and sales of

£119.1m in the eight months since the launch of the product.

The company, which saw its new life and pension business shoot up by

30 per cent last year to £1.3bn in equivalent premium income

from £976m, says it has become the market-leader in stakeholder

through the strength of its brand and a successful advertising

campaign.

It took £70.8m in individual stakeholder sales last year and

£48.3m in group sales. In the IFA channel, NU says it achieved a

stakeholder market share of more than a third and says IFAs continue

to account for over 75 per cent of all its new business sales.

Individual pension sales were up by 53 per cent to £283m from

£152m, with group pensions rising to £382m from £238m.

But stockmarket volatility hit NU&#39s investment sales, which were down

to £89m from £108m, a fall of 18 per cent.

Sales of bonds dropped to £372m from £381m. But sales of

other life products rose 10 per cent to £105m from £94m.

Sales and marketing director Peter Hales says he is delighted with

the results and believes NU&#39s 30 per cent growth in total life and

pension sales will be the highest in the market.

He says: “In our first full year as a merged company with CGU we

achieved record life new business sales and have secured the position

of market-leader.

“Our multi-channel distribution approach, coupled with our brand

strength and broad product range, makes us well placed for changes in

regulation resulting from the polarisation review.”

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