ABI: Life and pensions new business 2007.

ABI: Life and pensions new business 2007.

ABI: Life and pensions new business 2007.

Life and pensions new business figures for the second quarter of 2007 have been published today (23 August 2007) by the ABI (Association of British Insurers). Total APE new business was £4.503bn, an increase of 10.7% from £4.068bn in Q2 2006.

Total Single Premium new business in Q2 2007 was £28.463bn, an increase of 20.8% from £23.558bn in Q2 2006. Total Regular Premium new business in Q2 2007 was £1.657bn, a decrease of 3.2% from £1.713bn in Q2 2006. This fall is mainly due to an effect on the timing of sales caused by the A-Day changes in 2006. Quarter-on-quarter, Regular Premium new business increased by 7.0%, from £1.548bn in Q1 2007 to £1.657bn in Q2 2007.

Individual pensions new business showed APE sales in Q2 2007 of £1.615bn, an increase of 19% from £1.356m in Q2 2006. Total Single Premium individual pensions new business in Q2 2007 was £7.185bn, an increase of 71.2% from £4.196bn in Q2 2006. This was primarily due to a change in timing of the payment of DWP rebates, which will now be paid to savers earlier in the year. Total Regular Premium individual pensions new business in Q2 2007 was £896m, down 4.2% from £936m in Q2 2006. Quarter-on-quarter, Regular Premium individual pension sales increased by 9.7% from £817m in Q1 2007 to £896m in Q2 2007.

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Notes for Editors

1. Enquiries to:
Alan Leaman 020 7216 7440 (Mobile: 07957 482 330)
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler 020 7216 7415 (Mobile: 07968 364 302)

2. Summary tables giving overall new business data from 1994 to Q2 2007 are available on the ABI web site, www.abi.org.uk.

3. The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

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Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk