Partnership profits drop 50% to £64m after annuities shock

Jenna Towler

Profits at Partnership Assurance dropped 51% to £64m in 2014 due to falling individual annuity sales in the wake of the Budget reforms, latest results show.

Profits at the enhanced annuity specialist stood at £131m last year. Individual annuity sales dropped 57% to £466m in 2014 following the announcement of pensions freedom in the Budget. Full year...

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