It was not just UK-based investment sales which suffered in the last year, according to the latest AILO sales figures, as offshore life sales were down almost a fifth on the previous year.
Data compiled by the Association of International Life Offices reveals worldwide sales of offshore life products fell by around 18% during 2003.
Total worldwide new offshore life business amounted to £6.8bn – based on calculations of single premiums plus 10 times regular premiums), while single premium product sales totalled £4.5 billion, and regular premium products totalled £240 million.
That said, the underlying trend has improved, says AILO chairman Stuart Fairclough, as the underlying sales trend increased 15% in volume by the final quarter 2003 compared with Q1 2003, and offshore sales were down just 6% on Q4 2002.
Figures presented by the UK’s Investment Management Association in 2003 suggest annual sales of ISAs fell by 16% last year.IFAonline
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