The Association of British Insurer’s announced today life and pensions new business increased 10.7 per cent in the second quarter of 2007 compared to the Q2 2006 to £4.503bn.
Total single premium new business in Q2 2007 was £28.463bn, up 20.8 per cent from £23.558bn in Q2 2006 while total regular premium new business fell 3.2 per cent from Q2 2006 to £1.657bn. The ABI says this fall is largely due to A-Day changes affecting the timing of sales in 2006.
Individual pensions new business showed APE sales rose 19 per cent from Q2 2006 to reach £1.615bn.
Total single premium individual pensions new business in Q2 2007 was £7.185bn, an increase of 71.2 per cent from £4.196bn in Q2 2006. This was mainly due to a change in timing of the payment of DWP rebates, which will now be paid to savers earlier in the year, according to the ABI.
Total regular premium individual pensions new business in Q2 2007 was £896m, down 4.2 per cent from £936m in Q2 2006.