The offshore business of Old Mutual Wealth saw gross sales rise from £1.68bn, for the full year of 2012, to £1.92n at 31 December last year.
However, adjusted operating profit for the international business fell 28%, from £68m to £49m, which Skandia attributed to its investment of £21m in its international platform Wealth Interactive.
Sales in Europe rose 16.3%, from £422m to £491m, with Skandia highlighting not only "strong QROPS sales" and improved portfolio bond sales" but also positive resutls in Italy and a significantly reduced expense base in France.
In Latin America, where Skandia said its acquisition of AIVA had developed well, the increase was far greater.
Initiatives such as the development of new product lines for the South Africa and Latin America markets contributed positively to sales efforts, Skandia said, and the continued implementation of Wealth Interactive was helping improve operational efficiency and cost management.
Positive results in other overseas markets, such as the Far East and the Middle East, were offset by reduced sales into the UK as the market continued to adjust following the implementation of the RDR.
