The life and pensions sector has continued to grow significantly with annuities hitting a record level of sales, claims the Association of British Insurers.
In its latest figures for life and pensions new business, the ABI says individual pensions business has been the driving force behind the growth, with single premium business in the second quarter up 59.5% to £4,197bn from the same time last year, while total regular premium individual new business increased by 67.2% to £953m over the last year. In addition pension annuity sales also saw an increase of 32.3% to £2.255bn between the first and second quarter of the year, and it shows a 7% increase from the same period in 2005. Overall total pensions new business for the second quarter tot...
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