Carpetbaggers boost Scottish Provident

Carpetbaggers hoping to benefit from the flotation of Scottish Provident helped to boost the group's new business figures last year by £9 million sterling (€13 million). Scottish Provident has reported strong growth in new business in 1998. During the 12-month period, total sales of annual premium life and pensions products almost doubled to £21.4 million. Annual premium pensions business accounted for £9.4 million. Life annual pensions contributed £12 million, boosted by the once-off £9 million taken in for new with-profits savings plans on the back of as yet unfounded speculation about a flotation.