Life and pensions new business sales reached a record level of £15.5bn in 2006, according to figures from the Association of British Insurers.
For the first time, annual premium equivalent (APE) sales broke through the £15bn barrier, reaching a total of £15.5bn - an increase of 29.5% from £11.9bn in 2005. Total regular premium new business in 2006 was £5.9bn, an increase of 17.5% on 2005, while total single premium new business was £96.1bn, an increase of 38% on 2005. Individual pensions regular premium new business performed strongly, rising by 45% from £2.1bn in 2005 to £3bn in 2006, while single premium individual pensions new business rose from £12.2bn to £18.8bn. Group pensions regular premium new business fell from £7...
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