Scottish Equitable International&#39s new business soared by 118 per cent last year.

The Luxemburg subsidiary of Scottish Equitable saw new business increase to £197m last year from £90m in 1996.

SEI deals in single-premium business.

UK-sold new business made up almost 80 per cent of the offshore arm&#39s new business, with a total of £155.7m.

SEI&#39s inheritance tax plan brought in £69.7m while investment bonds attracted £59.8m. Another £26.2m came from its private client portfolio.

Non-UK-sold new business totalled £41.1m. A retirement product called Serenita, aimed at the Italian market and launched in January 1997, accounted for £28.5m.

Scottish Equitable director of personal investment business Peter Dornan says: "Looking back on another successful year, it is satisfying that our strategy of providing quality products through IFAs is continuing to work well in the UK."