Skandia International, the offshore cross-border business of Skandia, has announced strong growth for the first half of 2007, after revealing a 21% rise in gross new business sales for the six-month period, to GBP1.4 billion.
In addition, the group reported net client cash flows of GBP585 million for the period and added that this was the key measure of its success.
The company said that the positive results were driven primarily by single premium sales in the UK, Latin America, the Middle East and the Far East, reflecting Skandia International’s strategy, which focuses on developing its overall proposition and supporting financial advisers in core regions. The unit-linked regular premium enhanced allocation offer, which launched on July 1, 2007, is expected to increase business volumes further during the second half of the year.
Andre Oszmann, chief executive of Skandia International, commented: The first half of 2007 has been a great success for Skandia International. We have a clear focus on our core regions and we have been further developing our customer proposition in order to deliver a robust and tailored service to these markets.
We have also been working closely with other Skandia and Old Mutual businesses to identify co-operation opportunities. The overall result during the first half of the year has been strong growth in sales and good net client cash flows, which position us well for future growth, Mr Oszmann concluded.