New business up 48% in final quarter of 2012
Scottish Life has announced record new business results for the 12 months to 31 December 2012.
Total new life and pensions business (on a PVNBP basis) was £2.44 billion, an increase of 8% from the equivalent 2011 figure (£2.25bn).
Ewan Smith, Managing Director of Scottish Life, said:
"This is a strong set of results, with good growth achieved in both individual and group pension business, despite a difficult economic background.
"Our Q4 figures of £662 million were particularly strong, 48% higher than the equivalent 3 months of 2011 (£446m). This is a significant achievement since, unlike a number of provider companies, Scottish Life competes purely on the quality of our overall proposition. Our new business results haven't been flattered by any ‘buy now' commission campaigns in the run up to RDR implementation.
"Based on the most recent available market share statistics, Scottish Life has continued to increase its share of both the individual and group personal pension markets."
Ewan Smith added:
"Scottish Life continues to strengthen its leadership of the ‘at retirement consolidation' market, where our Income Release product now has a market share of over 65%. We expect to maintain our leading position following the launch, last August, of our GRIPs investment strategies for income drawdown. These are designed to meet the needs of customers taking regular income and can be readily matched to individual risk profiles.
"Looking forward, 2013 promises to be an interesting year, as the UK pensions market adapts to the new RDR environment and also to an increasing number of employers reaching their staging date for automatic enrolment. Scottish Life is well placed to benefit from both opportunities, and will continue to support advisers and their clients with market leading, value-for-money propositions."
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