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Skandia profits surge and assets reach record £16bn

Profits at Skandia UK leapt by 121 per cent to £158m last year from £72m in 2002.

Assets under management inc-reased by 30 per cent to a record £15.8bn from £12.2bn.

Skandia&#39s overall life and pension business fell by 1 per cent from £361m to £365m. The company&#39s share of the IFA market increased from 4 per cent to 4.7 per cent. Unit-linked bond sales doubled to £48m and protection sales rose by 50 per cent from £20m to £30m.

Skandia says it plans to extend its sales base this year with its wrap service, new range of single-priced pension products and the launch of Skandia Investment Management.

Skandia UK managing director Nick Poyntz-Wright says: “Skandia&#39s sales momentum took a giant leap forward through the second half of 2003, attributed to our concentration on specific, profitable market segments, the continued shift from with-profits to unit-linked business and increased appetite for multi-manager products.”

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