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Scottish Life rejects price fight

Scottish Life has become the latest life company to rule out a price war and has taken a swipe at rivals writing unprofitable business for market share.

The firm’s life and pension business rose by 8 per cent for the half-year to June to 695m from 645m in the same period last year.

Group finance director at parent group Royal London Stephen Shone says: “In the pension market, Scottish Life has continued to very deliberately target profitable new business. We have taken a firm decision that we will not destroy capital by writing business which can only ever be profitable on paper and then only if unrealistic assumptions are made about future persistency.”

He says IFAs are increas- ingly using its adviser fee payment model to help build a sustainable business model without the need to rebroke pension plans regularly around the market.

Scottish Widows chief executive Archie Kane said Widows will not get dragged into a “destructive” price war when the group issued its interim results this week.

Royal London’s asset management new business flows rose by 46 per cent to 456m from 312m and Bright Grey’s new business rose by 18 per cent from 67m to 79m.

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