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ScotProvbusiness up 27%

Scottish Provident says demand for mortgage protection products led to a 27 per cent rise in new protection business in the first half of 2000.

New business totalled £28.5m in the six months to June 30 compared with £22.7m in the same period last year.

The life office says mortgage protection was its most successful sector, up by 63 per cent to £13.6m against £8.3m last year.

Scottish Provident, which partly owns Aberdeen Asset Management, is up for sale and is expected to announce a buyer in the next couple of months.

Chief executive Barry Rose says: “Our commitment to this sector has not only paid dividends for us but also for IFAs who have taken advantage of the sales opportunities our innovative products offer.

“Our decision to promote mortgage protection on the back of a buoyant housing market proved to be very successful during the first half of the year.”

Isle of Man subsidiary Scottish Provident International has announced record business figures for the first six months of the year.

Equivalent premium income leapt by 38 per cent to £27.9m from £20.2m in the same period of 1999.û

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