Upmarket insurer St James Place Capital has revealed its sales were down 22% in 2002.

The business, which is owned by HBOS, also announced a drop in sales in the last quarter of 29%. The insurer blamed plunging markets, which have made investors nervous.

Despite focusing its sales activity on niche markets and avoiding the products that have recently crushed other insurers' capital, St James Place' fortunes have been hit by the stock market.

The company blamed its performance on investors' lack of interest in its shares.

St James Place shares' closed down 2.4% yesterday at 123.5p.

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