Both individual risk lump sum sales and new risk income sales rose slightly in the year to September 2023, countering a series of quarterly falls seen earlier in the 2023 year.
Plan for Life’s latest Market Overview analysis found that individual risk lump sum sales increased by 3.9% to reach $1,237 million in the September 2023 year, while new risk income sales increased overall by a modest 2.1% to $555.6 million.
As we reported late last year, in the year to June 2023 individual risk lump sum sales fell by 2.8% while individual IP new business declined by a significant 10%. (see: Lump Sum, IP New Business Sales Continues Decline).
The research firm says in this September 2023 year overall annual sales in the risk market decreased by 2.1% mainly due to group risk sales dropping by close to a quarter, noting this is a competitive and volatile market.
The firm says that overall risk premium inflows rose slightly by 1.1% over the year from $18.0bn to $18.2bn.
Year on year individual risk lump sum inflows were up slightly by 2.2% and overall individual risk income inflows rose 3.7% over the past year.