MORE than 1,700 staff at one of Southampton's most successful companies are celebrating bumper payouts following a top year.

Financial services giant Skandia enjoyed runaway growth in 2004.

The company paid out £71.5m in wages, salaries and performance-related bonuses to more than 2,000 employees in the UK.

On top of that, 17 senior executives, who drew £3m in salaries, were awarded bonuses worth £2.5m.

Details of the figures were revealed in the latest annual report by Swedish global parent company Skandia.

The UK arm made a £160m profit and increased its market share to 4.4 per cent after new sales leapt by 43 per cent.

It reported its second best year, with assets under management reaching a staggering £20 billion.

Company spokesman Jo Gilby said: "Skandia in the UK has grown from humble beginnings to become one of the fastest-growing life companies in the UK, with a million policy holders and the best service record in the industry.

"A large part of this success is down to our staff, and we will continue to incentivise them to achieve this level of success in future."

Skandia UK is currently led by 41-year-old Nick Poyntz-Wright.

He has been with the company for 17 years and is also on global Skandia's eight-strong executive management board.

He stepped into the local breach while Alan Wilson, the millionaire boss who oversaw huge growth in the 1990s, was on sick leave.

The company has various offices in Southampton, including landmark Skandia House at Portland Terrace, opposite the Civic Centre.