Protection new business sales in the first quarter of the year were broadly in line with the corresponding period of 2025, declining by just 242 policies sold, according to Gen Re.
The reinsurer’s Protection Pulse update revealed 531,173 protection policies were sold in the first quarter of 2026, after 531,415 were completed in Q1 2025.
The stabilisation after growth of 3.6% recorded in Q1 last year was welcome but the total still remains below the recent high of 551,618 sold in the first three months of 2023.
It also reinforces the slight slowdown made throughout 2025 as the year ended with an increase of just 1.4%.
More notably, £219m in premiums were written in Q1 2026 on an annual premium equivalent (APE) basis, up from £205m in Q1 2025.
Furthermore, the figures published last month showed growth was recorded in all protection product segments for the first time since 2023.
Underwritten whole of life led the way, up 45%, followed by income protection (IP) which was up 11%, term assurance (up 6%), guaranteed whole of life (up 2%), and critical illness (CI) (up less than 1%).
In terms of product market split, term assurance accounted for 44%, accelerated CI 25%, IP 13%, underwritten whole of life 8%, with guaranteed whole of life and standalone CI both at 5%.
