Life and pensions new business for the first quarter of 2006 gained the highest level ever recorded for overall sales at £3.3bn annual premium equivalent (APE), according to the Association of British Insurers (ABI).
The latest figures reveal overall life and pensions new business increased by 29.2% from Q1 2005 to £3.3bn APE, the highest level of new business in real or nominal terms ever recorded in a single quarter by the ABI. Total regular premium new business was £1.3bn, an increase of 13.8% from the same quarter the previous year, while total single premium new business was £19.96bn, an increase of 42.2%. Meanwhile, single premium individual pensions new business did particularly well, up 49.1% on the same quarter in 2005 at £3.84bn. Of this, new sales accounted for £2.3bn (59%), transfers a...
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