Life insurers see sales slowdown

SIGNS THAT market turmoil has hit the savings industry emerged yesterday as two life insurers reported slacking sales. Sun Life & Provincial Holdings, which owns Axa Sun Life, reported flat new business figures of pounds 324.3m for the first nine months of the year, down slightly from pounds 324.9m for the same period last year.

Norwich Union reported new business up by 8 per cent in the UK to pounds 207m, but worldwide new business rose by just 1 per cent. In contrast, Prudential succeeded in boosting UK sales in the first nine months by 18 per cent to pounds 603m, helped by a strong performance at Scottish Amicable.