Sales of individual annuities reached £3.63bn in the first half of the year, statistics from the Association of British Insurers (ABI) reveal.
The latest figures show individual annuities contracts have reached 44,983 so far this year, up from 33,255 in H1 2023, when premiums where £2.34bn. Commenting on the figures, Standard Life head of annuities Pete Cowell said: "With individual annuities sales reaching £3.6bn in the first six months of 2024, it's clear that people are seeing the benefits of having a guaranteed income as part of the wider mix of retirement income solutions. "Advisers are also recognising this, with the annuity rate rises seen over the last two years prompting a rethink in how annuities can be used to hel...
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