NORWICH Union Life & Pensions announced a total annual premium equivalent of £17.7 million in 1996, an increase of 25 per cent on the previous year.

New annual premiums in 1996 increased by 24 per cent to £15.8 million, while single premiums were up 28 per cent to £19.2 million.

The £15.8 million regular premium increase was split £9.1 million for protection and savings business, and £6.7 million for pensions business.

Single premium sales for pensions business were £13 million with the balance of £6.2 million attributed to single premium investment products.

Total in force business grew by 10 percent to £120 million.

Commenting on the figures Mr Grant Barrans, general manager, Life & Pensions, said: "The substantial increase in our new business figures reflects our policy of providing value for money products in the protection, savings and pensions markets.

"Whilst we are already a major player in the pensions market particularly the with profit sector we have this week launched a new suite of unit linked pension plans."

The new range of products is specifically directed at the self employed, company employees and controlling directors.

Norwich Union is making an introductory special offer to all new policyholders who take out a pension before April 30th.

Those who do so will have the percentage of the contributions paid that gets invested, increased by 1 per cent throughout the lifetime of their plan.

Mr Vincent Sheridan, group general manager, said the extraordinary general meeting to seek the approval needed to allow the company to go public was still planned for some time in the coming spring.