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25 August, 2006 - 16:07 By Staff Reporter

Norwich Union announces strong growth in 2006

The UK’s top insurer, Norwich Union, ann-ounced strong growth in the sale of bonds and collective investments for the first half of 2006, which it said vindicated the company’s strategy.Sales of collective investments in the first half of 2006 more than doubled on the same period the previous year, topping £1bn for the first time at £1,083m (2005: £513m).

Norwich Union bond sales rose to £1,626m, 33 per cent higher than the same period in 2005 (£1,226m).

Unit-linked sales rose 34 per cent to £1,216m and the introduction of a unique Inflation Protected Guarantee produced a 22 per cent rise in with-profits sales.

Neil Davies, director of investment at Norwich Union, said: “Over the past two years the Norwich Union investments team has been working to develop and diversify our range of investments and make them more attractive to advisers and customers.

“We have a strong range of property, fixed-interest, and socially responsible investment funds managed by Morley Fund Manage-ment, and have launched multi-manager and UK equity funds managed by Aon, Schroders and JPMorgan Asset Management. The launch of these funds has built on Norwich Union’s traditional strengths in the fixed interest and property funds sectors.

“We have also increased the number of funds available through the Portfolio investment bond. Customers who invest in Portfolio have a choice of more than 100 funds from leading fund managers including Morley, Fidelity, Jupiter, Gartmore, New Star and Newton.”

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