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Record Q1 business at Skandia

Skandia UK Group achieved record new business growth in the first quarter of 2004.

Sales were up by 75 per cent over the same period of 2003 and assets under management reached a record £17.2bn.

Unit-linked bond sales rose by 392 per cent over 2003 levels on the back of favourable equity markets and an enhanced allocation offer. New single-premium pension business increased by 25 per cent.

SIM, the asset management company launched by Skandia last year, celebrated its first birthday in April with £1.27bn funds under management. It attracted assets of £247m during the first quarter of 2004 and overall net inflows averaged almost £4m a day.

UK group managing director Alan Wilson says: “This is a superb start to 2004 and demonstrates the ability and experience of our management team in picking the right areas of focus for business development and containing costs while adapting to the changing needs of our marketplace.”

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