Despite volatile markets, sales of life and pensions business have hit record levels through the IFA distribution channel.
The Association of British Insurers (ABI) has released figures to show that IFAs accounted for 55% of individual business, achieving the highest ever level, up from 52.8% in the same period last year.
IFAs are the dominant distribution channel for pension, life, annuity, income drawdown and protection business. Business levels have remained consistent despite turbulent markets.
Sales of level term policies showed significant increases over the last six months, with a rise of 47.5% on the same period in 2001.
The ABI said that it was pleased to see a continued increase in the sales of life and pensions policies. However, it stressed concern over the large savings gap and acknowledges that there is much room for improvement in that area. Much work remains to be done and the ABI says the gap will get bigger if immediate steps are not taken to close it.
We were voted Independent Financial Adviser of the Year.
If you need quality, independent, unbiased, financial advice please do not hesitate to contact us.