19 March 2003: Full year figures from the Association of British Insurers (ABI) shows sales of all life, pension and collective investment products remained stable in 2002, despite worsening market conditions.
New business sales are up by 1% on 2001 from £11bn to £11.1bn.
ABI head of life and pensions Alan Woods said the 2002 figures show encouraging growth in the life and pensions industry during what was a challenging year.
The figures were released at the same time as the industry publishes its latest data on the total number of stakeholder sales since the product was launched in April 2001.
Up to the end of 2002 1.25 million stakeholder pensions were sold with 340,688 companies designating a scheme.
The IFA channel remains the most significant in the sale of individual regular premium life and pensions business; bringing in 62.2% of the business and just under £2.3bn premiums during the year.
Sales of regular premium life insurance products increased by 9.5% last year, having dipped slightly in 2001, representing £1.3bn of new premiums.