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Skandia pension business goes on booming

Skandia UK has continued to reap the benefits of A-Day, posting a 20 per cent increase in first-quarter gross sales to £2.3bn from £1.9bn in the same period last year.

This represented an increase of 20 per cent to £254m on an annual premium equivalent basis from £211m in 2006.

Total funds under management were up by 19 per cent at £38bn from £32bn.

New business sales for Skandia Life were up by 12 per cent at £103m on an APE basis, driven primarily by high single-premium pension sales, trustee investment business, and Sipps.

Skandia says it continues to see significant new pension business building on high demand created around A-Day last year.

Gross new business sales for Skandia’s fund platform business were up 18 per cent to £667m, driven primarily by increased Isa sales in the run-up to the end of the tax year.

Skandia says it is on track to launch its new Skandia/Selestia fund platform with combined funds under management of over £10bn.

Skandia UK and Offshore chief executive officer Nick Poyntz-Wright says: “These strong results show that we continue to benefit from the evolution within the market away from stand-alone product sales towards the provision of investment solutions where we have a long-standing and compelling proposition.'”Financial advisers hold the key to this evolution and will ultimately define the pace of change.”

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