General insurance sales flat in Q2, says survey
Activity in UK financial services grew in the last three months at the fastest rate since September 2007, according to the latest CBI/PwC Financial Services Survey. However the report also stated this growth was much lower than expected and firms still considered levels of business to be well below normal.
The survey revealed that banks were the only sector to see business volumes fall in the past three months while general insurers' volumes were largely flat. It also noted that while optimism increased markedly in the three months to June for general insurance, overall profitability fell for a third quarter in a row and another fall is anticipated in the three months ahead. Business volumes were generally unchanged last quarter but it added that a slight increase is expected in the three months
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