Optimism among life insurers in the UK improved for a fifth consecutive quarter during the three months to September 2014, according to data from the Confederation of British Industry (CBI) and PwC.
The optimism came as the latest quarterly CBI / PwC financial services survey revealed that business volumes grew in the three months to September, while the level of business remained below normal for the seventh consecutive quarter.
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This increase in volume reflected higher demand from financial institutions and private individuals. However
both are expected to fall next quarter, driving predictions of a fall in overall business volumes too, noted the survey.
The survey said overall profitability for life insurers in the UK rose over the three months to September, contrary to predictions of a rapid fall. However, it said profits are expected to fall over the next quarter.
Looking ahead, the study said life insurers in the UK are planning to invest considerably more in IT in the year ahead, with capital spending on land and buildings also expected to rise relative to the previous twelve
months.
Life insurers in the UK also reported that launching new products and services has become a more important part of their business’ growth strategy in the year ahead.
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