Ban on commission hits Zurich retail bond sales

Zurich UK Life profits, on an APE basis, were £252m in the first half of 2013, down a third on the same period last year, thanks in part to fewer sales of retail bonds. Operating profits dropped 39% to £60m compared to the same period last year. Zurich UK Life chief executive Gary Shaughnessy said: "The biggest success story of these results is the continued growth of our individual and corporate protection businesses as shown by the rise in our new business Margin. "Initial growth from our retail platform launch is further reinforcing our figures and we're very pleased with the in...