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Scot Wids’ IFA sales fall 8 per cent

Scottish Widows’ intermediary sales dropped 8 per cent in 2008 to £5.36bn, while business on its bancassuarance side increased 4 per cent to £4.24bn.

The firm, which is part of Lloyds Banking Group, blames a “general contraction of sales” in the IFA market for the decrease.

Life and pensions business dropped 6 per cent last year, to £7.19bn on a PVNBP basis, according to results released today.

Individual pension sales increased 3 per cent to £2.12bn in 2008, boosted by a 75 per cent increase in sales of the firm’s Retirement Account.

Corporate pensions business jumped 16 per cent to £2.48bn. Retirement income sales dropped 10 per cent to £939m in 2008. Protection sales rallied 15 per cent over the year to £317m.

Scottish Widows insists its capital position is strong, announcing a surplus at year-end of £0.8bn, with additional surplus within the long-term fund totalling around £1.5bn. It says this position would be unchanged in the event of a 40 per cent reduction in equity markets.

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