View more on these topics

ABI single premium investment business drops 64 per cent

The Association of British Insurers has reported a 64 per cent drop in total single premium investment and savings new business in Q4 2008 to £3.77bn from £10.54bn in Q4 2007.

The ABI attributes the decline to the current economic conditions with the UK population less willing to part with their cash to purchase new investment products.

Total single premium accumulation and protection new business in Q4 2008 also fell by 45 per cent to £11.7bn from £21.4bn in Q4 2007.

In 2008 total decumulation for new business was £13.9bn, a decrease of 1 per cent from £14.1bn in the full year for 2007.

Despite the slump in new business, the ABI says business in force figures have remained fairly steady over 2008 and says people have not actively moved money out of the insurance sector.

An ABI spokesman says: “The recessionary conditions are likely to remain for some time but the insurance industry like all other sectors will be doing its best to work to get Britain out of the situation we find ourselves in.”

Recommended

One day wonder

And the spotlight is on Standard Life… Again. This time the firm is being lambasted for guaranteeing annuity quotes on its own pension policies for just one day, compared with an industry average of two weeks.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com