Scottish Widows increased profits by 26 per cent last year to £884m from £701m in 2006.
Corporate pension sales grew by 9 per cent to £2.14bn from £1.96bn while protection sales rocketed by 314 per cent to £960m from £232m.
Marketing and distribu-tion managing director Andy Briggs says the protection rise was due in part to a one-off creditor insurance contract it took over for the Lloyds TSB Group. He says the launch of the protection for life product boosted sales and does not rule out a return to the protection market through IFA channels.
Individual pension business fell by 7 per cent to £2bn from £2.21bn, which Widows says is due to focusing on writing more profitable business.
Scottish Widows Investment Partnership sales grew by 52 per cent to £44m.
Briggs says: “We did nothave significant persistency issues because we are writing more profitable business so although we wrote less bond business, for example, the bus-iness we did write was more sustainable.”