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Pension sales strength underpins Winterthur

Winterthur saw a 22 per cent rise in individual pension new business last year from £1.6bn to £1.9bn.

The company says the increase this is predominantly due to the success of its single- premium proposition.

Assets under management rose from £10.4bn in quarter four 2006 to £11.4bn at the end of December 2007.

Single-premium personal pensions business increased by 38 per cent from £761m to £1bn, while income withdrawal saw a 54 per cent rise from £348m in 2006 to £537m last year.

Annual-premium pers- onal pension business grew by 7 per cent, from £12.8m to £13.6m. Investment bond business increased by 7 per cent from £104m in 2006 to £112m last year.

Axa & Winterthur Wealth Management CEO Mike Kell- ard says: “I am delighted to report another year of strong business growth for Wint-erthur. In today’s uncertain climate, people are choosing a proposition that offers both flexibility and choice.”

Axa Life chief executive Paul Evans says: “Winterthur has helped Axa improve its market share in the IFA wealth management sector, delivering another year of strong performance.”

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