The half-year results from parent Royal London show that Bright Grey has seen new business fall from £91m in 2007 to £80m this year.
Royal London chief executive Mike Yardley says: “As anticipated, our protection business has been affected by the dramatic slowdown in the mortgage market. However, we continue to be confident about the potential for this market and are working with IFAs to develop new channels to maximise the opportunities to sell protection.”
And despite the falling new business Yardley says the launch of Bright Grey’s underwriting system earlier this year has streamlined the application process with reduced evidence costs, reduced workload and a higher proportion of applications completing.
He says: “Having expert underwriting means Bright Grey now has a versatile platform which allows it to develop and strengthen its proposition in existing and new markets.”