UK / EUROPE - CGNU has achieved its target of a 20% share of the stakeholder market, as sales of its group and individual pensions products grew across Europe.
CGNU, the parent company of Morley Fund Management, saw total UK pension sales rise 39% to £2.47bn in 2001. Group pension sales brought in £855m in 2001, a 4.5% increase on the previous year. Of the £855m sold, £55m came from group stakeholder sales.
In contrast to the modest sales growth in group pensions, CGNU’s individual UK pensions sales experienced a substantial 68% increase. Total individual pension sales stand at £1.6bn, including stakeholder sales of £227m.
In Ireland, Hibernian Life & Pensions saw sales rise by 81% to £174m whilst CGNU’s Dutch unit, Delta Lloyd, saw total pension sales of £516m, up from £341m in 2000. In total, continental European life and pension sales were up 39% to £5.5bn.
Additionally, the firm has targeted Italy and Germany as areas of growth, due to recent reforms of their respective pensions legislation. Germany’s “Riester” pension reforms have been highlighted as a “significant opportunity” for CGNU, pointing to its experience in other European markets and strong sales in Germany as cause for optimism.
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