Norwich Union life and pensions sales drop 12%

The firm says dramatic changes in world markets and the global recession have hampered consumers' ability to save and plan their finances effectively, leading to a downturn in business. Total new life business fell to £2.5bn in the first three months of 2009, down from £2.85bn in the same period during 2008. However, Norwich Union says the rapid downturn in world markets at the end of 2008 means the preceding quarter is more directly comparable. On that measure, sales are broadly stable, with new life and pensions business hitting £2.4bn in Q4 2008. Individual pensions have performed ...