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Unum new business soars

Income protection specialists Unum has announced a 77 per cent leap in new business figures for the first six months of 1999 compared to the same period last year.

Unum says its total new business jumped to £16.6m from £9.5m the previous year.

The firms IFA group business soared by 123 per cent to £11.4m from £5.1m the previous year, while IFA individual business grew 40 per cent to £0.7m from £0.5m for the same period last year.

The biggest growth sector for the firm was through its third party labelled business where tie-ins with HSBC bank among others saw its private label business jump 194 per cent to £2.2m from £0.7m in 1998.


Lenders snub change on interest payments

Mortgage firms are bracing themselves for the impact of the Treasuryconsultation into mortgages which could force them to calculate interestrepayments on a daily basis.Lenders argue the move would cost them thousands of pounds updatingcomputer systems so they could make daily calculations and would force themto charge higher rates.The Treasury is considering forcing lenders to use […]

Government body urges small firms to work together on millennium bug

Government Millennium Bug advice company Action 2000 is urging the finance industry to unite to beat the Millennium Bug via The National Mentoring Scheme. Action 2000 is concerned that more than a quarter of firms are still not bug complaint. Its scheme is aiming to bring together thousands of businesses in workshops to share experiences, […]

CGU to make greater merger savings

CGU expects the cost savings made from its merger last year to increase to £325m by 2000 according to the Financial Times.The company initially estimated annualised cost savings from the merger of General Accident and Commercial Union to be £270m.The estimate increased substantially reflecting additional savings made in its UK general insurance arm and from […]

Aegon still on acquisition trail

Aegon is still seeking further UK acquisitions following its purchase of Guardian Royal Exchange&#39s life and pensions business says the Financial Times.The Dutch based group whose UK operations include Scottish Equitable, says it would be interested in other life offices especially mutuals with complementary products to its own.Aegon says the purchase of GRE for £759m, […]

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