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Skandia wrap sales up 62%

Skandia saw a 62 per cent increase in sales of its wrap in the first quarter of this year but single-premium sales in the UK and international business plunged by 40 per cent.

Skandia’s parent company, South African-based Old Mutual, saw a 25 per cent drop in group-wide life sales to £316m from £423m. The firm revealed an increase in capital of almost 20 per cent to £900m.

Old Mutual attributes the 40 per cent drop in sales at Skandia UK and International to low consumer confidence as a result of the global economic crisis.

Skandia says its platform performance was largely influenced by the firm’s reprice last September.

Group chief executive Julian Roberts says: “We think that the increase in sales shows the robustness of our platform, the impact of our repricing and our strategy. I believe that platform in the UK is the way forward.”

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