High net worth insurer St James's Place has revealed plans to attract more customers after reporting a second year of losses.

The group, owned by HBOS, yesterday announced a £41.2m pre-tax loss for 2002, compared to a £16.8m 2001 loss. It said it had been hit by a write-down of its insurance unit.

The group said yesterday it was planning to introduce new joint venture products through its network of advisers.

Chairman Sir Mark Weinberg said: "While profits have been hit by the difficult market conditions and one-off losses on non-core investments, we believe that our core business model is as strong as ever."

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