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Winterthur pension business booming

Winterthur Life is bullish on the life and pension market after seeing a 48 per cent surge in new insured pension business in the second quarter.

Overall new pension business was up by 40 per cent in the first half of this year to 79.2m from 56.6m in 2004 on an APE basis.

Single-premium personal pension sales rose by by 37 per cent to 146m from 107m and single premium executive personal pension business was up by 58 per cent to 33.4m from 21m.

Regular-premium business was up by 36 per cent to 30.5m from 22.3m with regular-premium defined contribution business nearly doubling to 13.4m from 7m.

Chief executive Mike Kellard says improving the adviser service proposition is another catalyst to growth, pointing to online personal pensions valuations and switching. He says: “Confidence is growing in the market and companies which are ready for A-Day are already benefiting from the renewed interest that pension simp- lification will bring.”

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