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NU up Axa down but Pru strides ahead in Q3

Norwich Union has announced an eight per cent increase in annual premiums with new business of £207 million, in the nine months to September 30 1998, compared to the same period last year.

Premium sales grew by 14 per cent to £92 million and single premium sales increased by five per cent to £1,095 million.

Norwich Union chief executive Richard Harvey says: &#34 An eight per cent increase in UK sales is an encouraging performance. This growth reflects the success of initiatives to improve our product range and build on our competitive position in the IFA market place.&#34

Axa Sun Life&#39s new business for the same period was £324 million.

Regular premiums were down by 9 per cent to £155 million and single premiums were up 9 per cent to £1,689 million.

Chief executive Les Owen says: &#34Our share of individual personal pensions new business has declined as a result of our reluctance to match the very aggressive pricing in this segment.&#34

Prudential revealed that for the same period single premium sales were up 19 per cent to £3.2 billion and regular premiums by 17 per cent to £280 million. Prudential&#39s world-wide businesses continued to perform well in this period with sales of single premiums up 7 per cent to £5.7 billion.


Exclusive Connections launches new mortgage

Exclusive Connections the mortgage network has launched a 100 per cent mortgage fixed at 7.34 per cent until September 12 2003.The Royal Bank of Scotland will fund the product which is available to intermediaries via Exclusion Connections&#39 members.After five years the payable rate returns to The Royal Bank&#39s standard variable mortgage rate.

Flight calls for annuities at 75 to be abolished

Tory MP Howard Flight is calling on the Government to abolish the compulsory purchase of annuities for people aged 75 and over.He believes the move is necessary because people coming up to 75 are being forced to take out annuities at a time when rates are very low.Flight says: &#34In the current financial climate where […]


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