The Exeter: Adviser commission grew nearly 50% in 2019

The Exeter paid 47.9% more commission to intermediaries last year (£14.6m), fuelled mainly by an increase in life policy sales, its 2019 financial figures show. Life sales increased to £3.5m last year (compared to £1.2m in 2018) and gross new sales of income protection (IP) showed a slight increase (of £0.6m) to £4.8m. Taking into account policy lapses, overall gross written premium for IP was £24.2m last year (up £2.2m). Average IP claimant 'just 34', The Exeter figures show Its membership base showed an increase on previous years, reaching 98,237 (compared to 95,127 in 2018). ...