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New business rises 8 per cent, says ABI

The ABI has released its life and pensions new business data for quarter three this year which shows an increase of 8.1 per cent in new business.

Total Annual Premium Equivalent new business in Q3 2007 was £3.6bn, an increase of 8.1 per cent from £3.3bn in Q3 2006.

Total single premium new business in Q3 2007 was £22.5bn, an increase of 6.1 per cent from £21.2bn in Q3 2006.

Total regular premium new business in Q3 2007 was £1.4bn, an increase of 11.7 per cent from £1.2bn in Q3 2006.

Individual pensions new business increased by 6.3 per cent from £1.4bn in Q3 2007 from £1.3bn in Q3 2006.

Total single premium individual pensions new business in Q3 2007 was £5.3bn, a decrease of 7.9 per cent from £5.8bn in Q3 2006.

The ABI says this was primarily due to a change in timing of DWP rebate payments, which from 2007 are being paid to savers earlier in the year.

Total regular premium individual pensions new business in Q3 2007 was £828m, up 17.7 per cent from £703m in Q3 2006.

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