5 May 2006
• Strong UK market growth
• Single premium insured pension sales up 54% to £336 million in the first three months of 2006
• Overall new insured pension sales (including regular premium sales) up 32% to £475 million Single Premium Equivalent (SPE) in the first three months of 2006
• Assets under management up 22% to £9.3 billion (end of 2005).
A clear and attractive product proposition for A-Day has helped boost Winterthur Life UK’s first quarter 2006 new business sales, believes chief executive Mike Kellard. Sales are up 54% to £336 million single premium sales against £218 million over the first three months in 2005.
“Winterthur Life’s new insured single premium pensions business sold via advisers shows continued new business momentum, reflecting the strength of the company’s A-Day product suite and the attractiveness of its proposition to advisers and their clients,“ said Mike Kellard.
“Pension sales grew strongly as advisers prepared for new rules which came into force on 6 April. The interest around A-Day and the announcement that Winterthur Life would have a full suite of pension products including SIPPs, EPPs and Section 32s, with ASP and USP, prompted a rise in interest and activity from advisers and a growth in new business.”
Product line highlights for Q1 2006 include:
• Single premium individual pensions up 45% to £120 million (2005: £83 mn)
• Single premium Group business up 74% to £183 million (2005: £105 mn)
• Within this single premium Section 32 up 1800% to £64 million (2005: £3 mn)
• Income Drawdown sales up 21% to £24 million (2005: £20 mn)
In addition Investment Bond new business grew by 134% to £26 million from £11 million in Q1 2005.
The successful results build still further on the company’s overall achievements for the full year 2005, 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 £9.3 billion at end of 2005, up 22% on 2004.
Mike Kellard says, “Looking ahead, I expect further market growth throughout 2006 and believe Winterthur is well placed to capitalise on the new opportunities. This is a strong start to the year. We remain confident in our ability to continue delivering strong growth.”
-End-
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, a leading Swiss insurance company with its international headquarters in Winterthur, Switzerland.
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 19,000 employees worldwide. The company achieved a total business volume of CHF 28.3 billion in 2005 and reported assets under management of CHF 153.3 billion as of December 31, 2005.
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