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Scottish Friendly reveals 13% drop in sales

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Scottish Friendly has reported a 13 per cent drop in total sales for last year, which fell from £15m in 2011 to £13m in 2012.

The group’s funds under management saw positive growth, increasing 3 per cent from £897m to £924m last year.

It attributes the growth to two new partnerships it acquired in 2012 with Beagle Street, part of the group behind Comparethemarket.com, and Neilson Financial Services, under its Smart Insurance brand. Scottish Friendly has been working closely with both businesses to bring new products to the market within the critical illness and life assurance sectors.

Although total sales had reduced, core life and pensions sales saw a 35 per cent increase from £6.5m in 2011 to £8.5m last year.

The firm is positive about its start to 2013, reporting a 106 per cent increase in life and pension sales for the first quarter.

Scottish Friendly chief executive Fiona McBain says: “Scottish Friendly’s 2012 results and our excellent start to 2013 demonstrate that innovative organisations such as ours can continue to build a competitive edge, despite an extended preiod of exceptionally difficult economic circumstances.”

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