HARROGATE-BASED Engage Mutual has increased sales by 14 per cent in 2012.
New business sales increased by £5.3 million, with sales of its over-50s life insurance product growing 50 per cent year on year to £3.2 million, and sales in its fledgling health business growing 36 per cent to £600,000.
An anticipated fall in contributions received into child trust fund accounts following the Government’s closure of the scheme, together with a decision to refer customers with maturing pension plans to a specialist third-party provider in order to help secure them the best possible retirement annuity, caused overall premium income to reduce by ten per cent, to £57.4 million.
In total, the business paid out £86.5 million to customers, including £36.2 million in life insurance, £5.2 million in health cover and £45.1 million of maturing savings and investments.
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