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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.”


FSA launches online help for advisers

The Financial Services Authority has launched separate web tools for mortgage brokers and advisers to help them comply with disclosure rules.The FSA says the system, called ‘Build your own disclosure documents’, will help provide advisers with a template based on their circumstances for their initial disclosure documents.This new tool is in addition to the other […]

West Brom to appoint new chief executive

West Bromwich Building Society will have a new chief executive next month.Chief executive designate Stephen Karle takes over the reigns from the retiring current chief executive Andrew Messenger on Sunday October 1, 2006.Karle joined West Brom in 1995 as secretary to the society, having previously worked as a solicitor. He was appointed to the board […]

Burns-Anderson opens up a retirement route

Burns-Anderson has introduced a retirement service for its network members allowing them to sell their businesses on to the firm’s in-house IFA. The service, which was announced at the Bristol-based network’s annual member conference held in St Andrew’s Bay in Scotland last week, will provide appointed representatives with an exit strategy and offer them additional […]


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