UK - British insurer Prudential has registered a 22% increase in its corporate pensions sales figures over the last nine months, according to the firm's third quarter new business results.
Prudential attributes the increase to its strategy of securing schemes with access to a large number of employees and where premium income will materialise quickly.
The firm has corporate and stakeholder mandates that give it access to approximately 3.5m customers, including 1.1m employees of the UK’s National Health Service via the stakeholder and additional voluntary contribution (AVC) scheme mandates held by the firm.
Prudential also said that the increase in its corporate pensions business helped to offset the downturn in life and individual pension sales, following the closure of its direct sales force in the second quarter of 2001. Sales through its direct channels stood at £268m for the first nine months of the year, down 5% on the prior year period.
By Geoffrey Ho
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