23% fall in Life and Pension sales (Irish Times)
Sales of life and pensions products dropped at an annual rate of 23% in the second quarter of the year, continuing their fall this year, as investors chose to hold cash and avoid declining stock markets.
The paper says data compiled by Dublin actuarial consultants, Life Strategies, show that annual premium equivalent (APE) value of new business - the benchmark measurement used to gauge activity in the industry - dropped to €819.4m in the second quarter of this year, from €1 billion for the same period last year.
APE comprises annual premiums, such as protections and savings products, and a tenth of the value of single premiums.
Sales of single premium or lump sum life and pensions products fell 43% to €2.7 billion. APE sales in the life business fell 45%, while pensions dropped 6%. Life Strategies does not break down the sales by company.