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Scottish Widows reports new buiness up

Scottish Widows has reported a 47 per cent increase in new business for the first six months of the year.


The Scottish life office says equivalent annual premium business jumped to £279m from £190m for the first six months of the year compared to the same period last year.


The company which is undergoing takeover talks with Lloyds TSB posted a 80 per cent rise in total new premiums to £1,968m from £1,092m over the same period.


Widow&#39s unit trust and Pep/Isa business witnessed the biggest leap of 337 per cent jumping to £48.9m from £11.2m for EAPs.


Life business grew 53 per cent in terms of EAP to £75.2m from £49.2m the previous year. While pensions business rose by 19 per cent in EAP terms to £154.9m from £129.9m on last year.


Widows group chief executive Mike Ross says: These figures represent a very strong performance in what is a highly competitive and challenging environment.&#34

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