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Old Mutual doubles life and pension sales

Old Mutual has more than doubled life and pension sales in the firm’s first set of results since buying Skandia in February.

Sales for the first half of this year hit 732m from 319m on an annual premium equivalent basi and profits have grown by 39 per cent to 885m from 638m in the first half of 2005.

Skandia UK increased sales by 16 per cent to 262m, bolstered by changes to tax rules.

Funds under management increased by 38 per cent to 218bn from 158bn.

Chief executive Jim Sutcliffe says: “It has been a good first half, with encouraging growth across our business and we have been able to declare a significant increase in the dividend. Skandia’s results are ahead of our expectations and the integration is progressing well. Currency movements always affect our results, but Old Mutual is now a significantly bigger and more diverse organisation and we are well placed in some attractive markets.”

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