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Winterthur pensions sales boosted by A-day

Winterthur Life has posted a 75 per cent increase in half year single premium individual pensions business to £536m, up from £305m in the same period last year.

Overall sales of new insured pensions, including regular premium sales, rose 31 per cent to £1.07bn single premium equivalent, up from £810m in 2005.

Single premium personal pensions were up 67 per cent to £244m, from £146 in 2005.

Income drawdown has also increased by 127 per cent to £91m from £40m last year, boosted by A-Day opportunities.

Assets under management grew to £9.4bn, up from £8.34bn in half year 2005.

But annual premium group pensions rose by only 2 per cent to £26.6m, from £26.2m in 2005.

Chief executive officer Mike Kellard says the company’s successful adaptation of its product range to A-day has helped drive sales.

“Pensions sales have grown strongly, with advisers and their clients attracted to the company’s full suite of A-Day products available on April 6 including individual personal pensions, EPPs and income withdrawal through ASP amd USP.”

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