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Record first-quarter business at NU

First-quarter new business at Norwich Union hit a record 122m equivalent

premium income, an increase of 67 per cent on the 74m for the same per^_iod

last year.

New long-term savings bus^_iness broke all NU records.

Single-premium bond sales rose by 85 per cent 304m from 164m in 1999.

NU says the rise in single-premium bond business ref^_lects IFAs&#39 interest

in its product range. The company says it is encouraged by the development

of its relationships
with IFAs. NU says it is now reaping the benefits

of its inc^_reased marketing drive.

Individual pension sales increased by 43 per cent to 20m from 14m.

NU sees the 38 per cent growth in group personal pensions to 12m from 9m

as encouraging, given the diffi-
cult conditions in the GPP
market

prior to the launch of stakeholder.

Sales of collective investments, including Isas, unit trusts and Oeics,

increased by more than 900 per cent, albeit from a low base, to 143m from

15m. Sales of annuities inc^_reased by 5 per cent to 157m from 149.5m.

Group chief executive Rich^_ard Harvey says: “An enhanced marketing

strategy and our continued investment in the Norwich Union brand have been

key contributors in ach^_ieving this success.”

Spokesman James Dufell says: “We were encouraged
to see that there was

not a
tailing off in business after
the mer^_ger announcement.

These results are a vote of
confidence from IFAs.”

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