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Skandia sales booming

New business figures from Skandia rocketed by 87 per cent last year, with equivalent premium income rising to £538m from £288m in 1999.

The company is also inc reasing the fund links on its Multifunds supermarket from 230 to 300 by this spring.

Skandia says it consistently grew faster than the UK market throughout the 1990s and says the latest business results reflect its successful strategy of investing heavily in technology to deliver innovative products and services to independent advisers.

Skandia highlights the launch of its online fund super market last August as a key driver of the premium increases last year. The company is also emph asising its “unwavering commitment to the IFA market” as further factor underpinning its success.

Unveiling its results this week, Skandia reiterated its intention to steer clear of the stakeholder market to maintain profitability.

Fund, Pep and Isas business jumped by 93 per cent to £124.9m in equivalent premium income in 2000 from £64.8m in 1999.

Regular life EPI also rose by 35 per cent to £74.4m in 2000 from £55.2m in 1999 while regular pension business rose by 67 per cent to £68.7m EPI in 2000 from £41m in 1999.

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