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Pension sales boost for Winterthur

Single-premium business rose by 15 per cent for Winterthur Life last year to 850m from 740m in 2003.

Sales of executive pension plans and section 32s rose by 48 per cent to 60m from 40.1m. Sales of Sipps totalled 249m.

Winterthur’s individual personal pension sales rose by 16 per cent to 222m from 191m, income drawdown sales increased by 20 per cent to 99m from 82m and investment bond sales rose by 52 per cent to 43m from 28m.

The company did see a 25 per cent slowdown in trustee investment plan business, which fell to 138m from 184m.

Chief executive Mike Kellard says the tail-off in trustee investment plan business was not a great concern as the group has a 33 per cent market share in that area and beat expectations so strongly in 2003 that last year’s decline was less of a concern.

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