GI GWP down 2% but protection new business down 34%
Legal & General today said Q1 UK risk new business APE was down 34% to £84m (£127m). First quarter Protection APE of £42m represented 95% of the volume written in the same period last year. Total Protection gross written premiums of £272m were 1% higher than Q1 2009.
L&G said: “The strategy of diversifying away from housing market related sales continues. A new income protection product was successfully launched, and the focus on sales of business and family protection products continued.
“In Group Protection, APE sales were maintained at the same level as those in Q1 2009. Despite low housing volumes, General Insurance gross written premiums were just 2% below prior year levels.
