View more on these topics

ABI UK life and pensions sales fall 8.3 per cent

The Association of British Insurers has recorded an 8.3 per cent drop in regular premium life and pensions business from £1.3bn to £1.2bn for the first quarter 2009.

Total single premium accumulation and protection new business sales plunged 43 per cent to £9.65bn in Q1 2009 from £16.8bn in Q1 2008.

Individual pension sales fell 10.5 per cent to £751m from £839m in the first quarter 2008. On a single premium basis, individual pensions new business dropped 28 per cent to £3.36bn from £4.68bn.

Meanwhile sales of investment and savings products in the first quarter fell 15.5 per cent from £20m to £17m. Single premium investment and savings new business in Q1 2009 was £3.03bn, down 58 per cent from £7.27bn in the first quarter of 2008.

Total decumulation new business in Q1 2009 was up 1.7 per cent to £3.42bn from £3.37bn in the first quarter of 2008.

An ABI spokesman says: “It is not surprising, given the economic circumstances, that new business is down. This is the usual pattern in a recession. On the investment bond side, the effects of the recession have been exacerbated by ill-considered changes to the capital gains tax regime.”

Recommended

Going long on property

Following a number of years of strong performance, the UK commercial property market collapsed in the second half of 2007 and capital values continued to reduce sharply throughout 2008.

Jersey law change will boost fund sector

Jersey lawyers say new legislation due later this year will offer fund promoters more choice in how they structure their investment vehicles.

Loan clubs hit out at Imla on quality claims

Mortgage clubs have hit back at the Intermediary Mortgage Lenders Association for releasing a survey suggesting that appointed representatives originate better quality loans than directly authorised brokers.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment