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Skandia profits rise 29%

Skandia UK and Offshore has announced net client cash flows of £3.9bn for 2007 and an increase in profit of 29 per cent to £173m.

It says its strategy of designing products and financial solutions solely for distribution via financial advisers is key to this success.

Skandia UK’s gross sales during 2007 were £8.6bn with funds under management reaching £41.9bn, a 16 per cent increase on the end of 2006.

Life and pensions platform gross new business sales were up 7 per cent to £3.3bn and funds under management were up 11 per cent to £18.4bn.

UK and Offshore chief executive Nick Poyntz-Wright says: “We remain solely committed to the financial adviser channel and we believe this is the key to the business success we achieved last year.

“The industry is changing and the retail distribution review is likely to accelerate this change but we believe financial advisers will remain the dominant distribution channel. The key focus for Skandia is to deliver products and services that enable advisers to meet the changing needs of their clients. We believe the platform and investment solutions we offer advisers meet this objective.”

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