27 February 2006
Winterthur Life UK has today announced strong growth in new insured pensions business through advisers for the full year 2005, up 30% to £1.73 billion Single Premium Equivalent (SPE) against £1.33 billion over 2004.
Highlights for 2005 include:
- Single premium personal pensions up 38% to £307 million (2004: £222 mn)
- Regular premium DC business up 46% to £24 million (2004: £16 mn)
- Single premium Section 32 up 42% to £61 million (2004: £43 mn)
- Single premium Executive Personal Pensions up 135% to £38 million (2004: £16 mn)
In addition Investment Bond new business grew by 63% to £70 million from £43 million 2004.
Regular premium business also saw improved growth with a 12% increase over the same period last year to £58.3 million from £52.3 million.
Mike Kellard, chief executive officer, Winterthur Life UK, said, “Winterthur continues to demonstrate that having a clearly defined strategy focused on a select part of the market is proving a winning formula. With a significant 30% increase in new insured pension business for full-year 2005, Winterthur continues to be one of the pioneers for open architecture investment platforms and has grown its new unit-linked single premium business by over 680% in the past six years.”
The successful results build still further on the company’s achievements in 2004, which saw UK gross written premiums topping £1.54 billion with a further £191 million in non insured single premium SIPP sales, with assets under management over £7 billion.
The industry is currently preparing for the opportunities surrounding A-Day and the challenges arising as a result of the Turner Report that will, together, change the pensions landscape forever.
Kellard continues, “Winterthur is optimistic about opportunities post A-Day and is ready to launch its product offering in April. It does however have concerns about pensions reform and the difficult choices the country faces to ensure the savings gap is closed and that everyone has an opportunity to participate in a suitable pension scheme. There is much in Turner’s paper to commend, but it lacks detailed costing and also fails to understand the damage it could do to good occupational provision currently available in this country.
“Winterthur will lobby hard to protect and promote work-based pensions in the UK, and offer ways to improve it even further. We will also work with the government on its programme of pension reform to ensure as many people who currently have little or no pension provision, are offered access to a pension scheme that meets their needs. I am passionate that auto-enrolment, with a right to opt out, and improved school and work-based financial education are vital for this to succeed,” Kellard concludes.
For further information:
Paul Riddell Winterthur Life, Press Office +44 (0)1256 798099
Sandra Fulton Winterthur Life, Press Office +44 (0)1256 798310
Christine Wood Financial Dynamics +44 (0) 207 269 7253
Notes to Editors
About Winterthur Life UK Limited
Winterthur Life UK Limited is part of Winterthur Group, which is part of Credit Suisse Group, a leading global financial services company headquartered in Zurich.
Winterthur Life UK offers pensions and investments for high net worth clients distributed via top tier IFAs and is renowned for its innovative approach to financial products. Its philosophy of transparent product propositions offers advisers a range of retirement and investment solutions with an open charging structure.
Winterthur Life UK is one of the UK’s top 10 providers of single premium personal pensions, trustee investment plans and corporate pensions via IFAs and a leading provider of self-investment retirement plans like Self Invested Personal Pensions (“Sipps”).
Any opinions expressed in this media communication are made as at the date of publication but are subject to change without notice. Past performance is not a guide to the future. The value of shares/units and the income from them can go down as well as up. Exchange rate fluctuations may cause the value of underlying investments to fall as well as rise. Yields are not guaranteed and may fall or rise.
Winterthur Life UK Limited is authorised and regulated by the Financial Services Authority.
www.winterthur-ifa.co.uk
Winterthur Group
Winterthur Group is a leading Swiss insurance company with head office in Winterthur. As an international company, the Group provides a broad range of personal, property and casualty insurance products, as well as insurance solutions in life and pensions that are tailored to the individual needs of private and corporate clients. Winterthur Group has approximately 19,500 employees worldwide. The company achieved a total business volume of CHF 22.9 billion in the first nine months of 2005 and reported assets under management of CHF 152.9 billion as of September 30, 2005.
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. Credit Suisse, the banking business of Credit Suisse Group, provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse Group also includes Winterthur, a Swiss general insurer with a focus on international business activities. Credit Suisse Group is active in over 50 countries and employs approximately 60,000 people. Credit Suisse Group’s registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CSR), in New York. Further information about Credit Suisse Group and Credit Suisse can be found at www.credit-suisse.com. Further information about Winterthur can be found at www.winterthur.com.
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