Life and pensions new business rose by 4.6% in Q4 2007 to £3.849bn, up from £3.679bn in Q4 2006 on an APE basis, the ABI reports.
Meanwhile, the total annual premium equivalent (an industry standard measure made up of total regular premium new business plus one tenth of single premium new business) also rose for 2007 as a whole to £15.118bn from £13.219bn in 2006.
Breaking down the figures for the last quarter, individual pensions new business remained steady, with APE sales in Q4 2007 of £1.263bn, down 0.1% from £1.271bn in Q4 2006.
Total regular premium individual pensions new business in Q4 2007 was £787m, up 2.0% from £772m in Q4 2006. However, total single premium individual pensions new business in Q4 2007 was £4.759bn, a decrease of 4.6% from £4.988bn in Q4 2006.
Total single premium new business in Q4 2007 was £24.893bn, an increase of 4.3% from £23.866bn in Q4 2006 while total regular premium new business for the quarter was £1.360bn, an increase of 5.2% from £1.293bn compared to Q4 2006.
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