Lloyds Abbey Life sales battered
Friday 13 January 1995
The group is due to report full-year figures on 8 February. Yesterday Lloyds Abbey admitted that single-premium sales were particularly badly hit by the company's withdrawal from the pensions transfer market.
Black Horse Financial Services, which sells products through Lloyds Bank branches, suffered a 59 per cent fall in sales of single-premium pensions in 1994 to £34.2m. Abbey Life Assurance, the stand-alone insurer which operates through 3,000 salesmen, also suffered a 39 per cent fall in single-premium pensions sales to £89.6m.
Overall, the group sold 13 per cent fewer regular-premium policies, 24 per cent fewer single-premium life products, and 38 per cent fewer unit trusts than in the previous year.
The company said market conditions and "the widespread attention given to the industry's selling standards" had adversely affected demand.
In Black Horse Financial Services, although overall sales fell, performance improved in the second half. The company said this partly reflected the sales force training programme.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...