Protection providers Bright Grey and Scottish Provident have suffered significant drops in sales over the first half of the year.
Bright Grey's new business fell 21% to £75m (2009 £96m) while Scottish Provident's sales was down 17% to £95m (2009 £114m) both on a Present Value of New Business Premiums (PVNBP) basis. Under the previous industry standard Annual Premium Equivalent (APE) method, the falls are slightly lower, coming in at 12% for Bright Grey (£14.2m from £16.2m), and 16% for Scottish Provident (£15.9m from £18.9m). The results could have been even worse for Bright Grey but for a growth in its business protection sales. The pair are both part of the Royal London group. Mike Yardley, group chief e...
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