Several
life insurance companies have seen their income drop significantly in the past 12 months, new figures have indicated.
According to data from the Office for National Statistics (ONS) premium income for such businesses has fallen by £2.5 billion when compared to the same period last year.
The first three months of 2010 saw
life insurance companies' income drop to around £30 billion.
However, while some companies have been substantially affected by the income drop, others have reported more financial stability.
Stephen Casey, product development and marketing manager at Bupa, said his organisation had not been as hard hit as some of the larger companies in the sector.
"Bupa's results for the first half of this year will be similar to the first half of 2009," he said.
"Our life business has actually increased. I think there has been certainly winners and losers in the industry. Smaller providers like Fortis are likely to report more positive results like Bupa's."
According to the ONS figures, total income was seen to increase by £22.4 billion to £89.8 billion in the first three months of 2010, while expenditure was recorded at £86.4 billion.
