Fitch maintains negative outlook on UK life sector

Downward trends in sales, which have extended into third quarter results, are showing no sign of changing says the ratings company. Most insurers have presented third quarter 2009 results which show a general decline with comparisons for the same period last year. Consumer efforts to repay debt using income they may in the past have saved with life insurers, combined with less attractive annuity rates and some insurers' decision to restrict sales to limit the associated capital requirements, are the driving forces behind the decline according to Fitch. David Prowse, senior director...