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Royal & Sun Alliance single premiums fall

Royal & Sun Alliance new single-premium life and pension business dipped last year by 5 per cent against the market trend of rising single premiums.

New single premiums fell to £605.8m from £639.5. Total life and pension business was static at £167.4m.

But R&SA boosted regular-premium life and pension business by 3 per cent to £106.8m from £103.4m. The figures are the first full set of results since the company set up a single marketing group on January 1, 1997.

Sales and marketing director Don Shore says: "We have exceeded our 1997 objectives for sales and cost savings. Sales in the first quarter were affected by restructuring of the salesforces, integration of systems, location changes and product rationalisation. But there was a quick return to normality."

Royal & Sun Alliance is aiming to win a 4 per cent share of the pension market by 2002.

Skandia Life total new business rose by 12 per cent last year. Pension, investment and savings business rose to £177m from £158m.

The rise came on the back of increased pension sales which rose 28 per cent to £64m from £50m. Single premium pension business increased by 22 per cent to £333m from £273m. Regular-premium pension business was up by 35 per cent to £31m from £23m.

Skandia managing director Alan Wilson says: "1997 has been a year of growth and consolidation for the group. Our increased focus on individual pensions business lifted regular-premium business."

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