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Life and pension sales edge up in 2004

Life and pension business rose by 5.4 per cent last years to £10.2bn on an annual premium equivalent basis, according to figures from the Association of British Insurers.

Individual single-premium business rose by 9.5 per cent to £48.7bn.

Sales of regular-premium employer-sponsored stakeholder pensions increased by 6.2 per cent to £388m. Group pension sales rose after two years of falls, with regular-premium business up by 4.3 per cent to £867m. The rise in overall regular-premium business was driven by growth in group business while individual regular-premium life and pension sales hit five-year and three-year lows respectively. Individual regular-premium pension business fell slightly from £1.864bn to £1.87bn in 2004. Individual regular-premium life sales dropped by 16 per cent from £1.29bn to £1.08bn last year.

ABI head of life and pensions Chris Kenny says: “Overall, these figures show a steady increase in UK savings. However we must not be complacent. There remains a significant shortfall in overall saving. Not enough people are making sound, regular financial arrangements for their retirement.”

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