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ABI figures show life and pensions sales up 10.7 per cent

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.


NU doubles size of large case admin team

Norwich Union has doubled the size of its large case administration team.The department, which is designed to provide accessible, expert support to advisers writing larger sums assured, now has 14 staff and handles around 200 cases a week, which equates to a total of £5 billion worth of business underwritten annually.NU head of protection customer […]

ABI demands Government increases investment in flood defences

The Association of British Insurers has criticised the Government’s investment in flood defences in a letter to Environment Secretary Hilary Benn.ABI director general Stephen Haddrill wrote that the ABI wanted to continue providing cover for people in flood risk areas but felt the Government was not adhering to the statement of principles which requires it […]

Yorkshire appoints David Henderson as chief information officer

Yorkshire Building Society has appointed David Henderson as chief information officer.Henderson joins Yorkshire from HBOS where he headed IT for a number of retail business divisions.Henderson will be responsible for the society’s IT functions, the business change project management team and Yorkshire Key Services, a wholly owned subsidiary of Yorkshire Building Society which provides a […]

Flight says FSA trying to squeeze out IFAs

The FSA’s retail distribution review risks causing severe consumer detriment by trying to squeeze mid-market IFAs out of the equation, says former Tory Shadow minister Howard Flight.The ex-Shadow Treasury Chief Secretary says mid-market advisers have been the “stable backbone” of financial services over the last 20 years. He says it appears from the RDR that […]


School fees planning

Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]


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