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Scottish life sales down but market share rises

Scottish Life saw total sales fall by 8 per cent to £780m in APE last from £717m in 2002 but says the figures were better than competitors and will almost certainly show an increase in its market share.

The company&#39s parent Royal London saw its total new business grow by 8 per cent to £1.65bn in 2003 from £1.52bn, with protection arm Bright Grey achieving sales of £4.6m in its first year of trading.

Royal London Asset Management&#39s business soared by 193 per cent to £445m from £151m while Scottish Life International&#39s business fell by 35 per cent to £118m from £181m in the previous year.

Scottish Life&#39s individual pension sales were down by 8 per cent to £442m in 2003 from £480m in 2002 while group personal pension sales, including group stakeholder, rose by 14 per cent to £97.8m from £85.8m.

Group occupational pension business fell 17 per cent to £228m in 2003 from £274m in 2002.

The company launched the Individual range last May and its works4you online employee benefits platform for Retirement Solutions products at the beginning of this year.

Scottish Life chief executive Brian Duffin says: “These figures will almost certainly represent an increase in market share for Scottish Life, despite difficult trading conditions in 2003. Certainly, they more than stand comparison with announcements already made by competitor companies.”

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