EU gender rule change drives insurance sales

A DEADLINE for an EU directive banning gender discrimination by insurers caused a “huge” 23 per cent boost in sales for two Scottish protection specialists.
By ERIKKA ASKELAND
Published 20th Feb 2013, 00:00 BST

Bright Grey and Scottish Provident, the protection businesses of Royal London Group, yesterday said new business for the 12 months to the end of December increased almost a quarter to £482 million on a “present value of new business premiums” (PVNBP) basis – a measure of new business growth.

Roger Edwards, managing director of both businesses, said the end of December in particular saw a “flurry” of new business, as women took advantage of buying cheaper insurance before the 21 December deadline for the imposition of the European ruling on gender.

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He insisted that the “huge boost in business” as a result of the directive coming into force would continue to be a “springboard to momentum” this year.

The company added that its Irish business, Caledonian Life, grew its market share from 2.5 per cent in 2011 to almost 6 per cent in 2012.

Last week, Royal London’s pension division, Scottish Life, reported record sales for the year as financial advisers 
prepared clients for new rules affecting employee pensions.

Mutually-owned Royal 
London will announce its 2012 financial results on Thursday 28 March.