The value of new life insurance policies rose by 10% during the first quarter of this year, despite ...
The value of new life insurance policies rose by 10% during the first quarter of this year, despite a drop in overall policies sold.
According to latest figures from the Association of British Insurers, £6.4bn worth of individual life policies were sold from January to March compared with £5.8bn in the same period last year.
Regular premium policy sales accounted for the overall drop in volume, with 12% fewer sales (722,000) in the first quarter compared with the same period last year. The value of regular premium business also fell by 9% to £346m.
In contrast, both the value (£6.1bn) and number (245,000) of sales of single premium policies were up by 11% and 6% respectively. Both the number and value of pensions sales fell during the same period, by 5% and 14% respectively.
