View more on these topics

Skandia boosts Old Mutual profits

Old Mutual released the first set of results since its acquisition of Skandia which saw sales of life and pension products more than double to £732m on an annual premium equivalent basis.

The acquisition of Skandia by Old Mutual was completed in February 2006 and this boosted the provider’s operating profit by 39 per cent from £638m in the first half of 2005 to £885m in the same period this year.

Funds under management increased by 38 per cent from £158bn in the first half of last year compared with £218bn over the same period in 2006.

In the chief executive’s statement Jim Sutcliffe said Skandia had exceeded Old Mutual’s expectations and said the acquisition had transformed the geographic and business profile of the company.

Sutcliffe says: “It has been a good first half, with encouraging growth across our business and we have been able to declare a significant increase in the dividend. Skandia’s results are ahead of our expectations and the integration is progressing well.”

Recommended

Marr set for return to industry

Former Origen chief executive Gareth Marr is expecting to return to the industry next year in a consultancy role. Marr says he wants to help advisers devise more flexible and efficient ways to communicate with their clients. He says offering purely face-to-face advice is expensive and time-consuming and advisers should embrace alternative advice methods such […]

Ex-Bankhall duo set up Alliance with threesixty

Former Bankhall pair Mike Buckley and Gordon Covell’s new mortgage support ser-vices company Active Lending Solutions has signed an alliance with Bankhall rival three-sixty, with the aim of taking on Bankhall’s Premier Mortgage Service. Active will provide three-sixty’s members with access to its mortgage club, lending and packaging while the IFA support services firm will […]

The big freeze

Loan trusts have classic estate freezing qualities and can benefit IHT planners by avoiding an exit charge in the first 10 years

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com