Partnership Assurance Q1 new sales drop 61 pct to 99 mln stg

May 13, 2015 6:21 AM

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LONDON May 13 Specialist annuity provider Partnership Assurance said on Wednesday that sales for the quarter to end-March totalled 99 million pounds ($155.2 million), down 61 percent from a year earlier, though individual annuity sales came in above forecast.

UK pension reforms announced last year have hit individual annuity sales, because retirees are no longer required to use their pension pot to buy an annuity.

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