The firm, a corporate member of the Institute of Financial Planning, also added 340 commercial properties to its property prortfolio. This brings the total number of commercial properties to over 2,600.
The increase in new business did not include transfers from the wind-up of Pointon York's The PY Sipp. It was announced in November that Suffolk Life would be acquiring around 1,700 Sipps following the closure of the PY Sipp scheme. These would be added to Suffolk Life's existing 16,000 Sipps.
{desktop}{/desktop}{mobile}{/mobile}
Greg Kingston, head of marketing at Suffolk Life, said: "In a number of ways 2012 was the best year yet for Suffolk Life. We delivered strong growth of new Sipp business at the same time as delivering significant change and improvements to our business. Adding diversity to our proposition, focusing on platforms and DFMs with the introduction of the value-orientated SmartSipp and SimSipp, made an important contribution."
David Hobbs, managing director of Suffolk Life says: "The regulatory environment for Sipp operators remains extremely challenging, and as some firms decide to leave the market we will continue to look for opportunities to grow our business acquisitively.
"The positive reception from both advisers and investors following the wind-up of The PY Sipp validates that approach whilst the backing of L&G as a strong parent continues to add confidence."