Bright Grey & Scottish Provident new business up 23%

That corresponds to £482m of new business in 2012, compared with £393m in the previous year.

Roger Edwards, Managing Director of Bright Grey and Scottish Provident said:

“Last year was an excellent 12 months for our protection businesses.  While December saw a flurry of business because of the Gender Directive, Bright Grey and Scottish Provident got out of the blocks quickly with a very positive first half of the year, laying strong foundations which we built on and subsequently ended 2012 on a high.  

“As a result of our Gender Directive push we received a huge boost in business and we’re determined to use this as a springboard to continue the momentum into 2013 to make this year even more successful.  The significant pick-up in sales showed us that when the industry comes together to raise awareness and align its messages, it can make a real impact on consumer behaviour.  Of course it helped that there was a hard deadline, coupled with a desire to beat a price increase, but the lessons are very clear.

“A breakdown of the sales figures in December also highlighted the considerable increase in the number of women buying life policies, with 95% and 52% increases year-on-year for Scottish Provident and Bright Grey respectively.

“This year, we expect to see a lot of pricing activity in the market before things settle down and there will also be a certain degree of upheaval as a result of RDR.  However there are plenty of reasons for optimism and we are looking forward to developing the business, bringing more innovation and continuing to work very closely with advisers to bring further success.”