Sentiment in the UK’s
financial services industry in September fell for the first time
since March 2009, the Confederation of British Industry (CBI) and
professional services firm PricewaterhouseCoopers (PwC)
reported.
“After a torrid couple of
months on global financial markets, the mood has clearly darkened,”
said the CBI’s chief economic adviser Ian McCafferty. “Uncertainty
about future demand, worries about the global recovery and shifting
regulatory sands are weighing on sentiment.”
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In the life insurance sector,
the CBI/PwC sentiment survey revealed that while business volumes
in the three months to September increased for the seventh
consecutive quarter, the level of business was still considered by
insurers to be below normal.
On a more positive note, the
survey found that life insurers’ average operating costs per
transaction fell for the eighth consecutive quarter, and at a much
stronger pace than in the second quarter of 2011, while
profitability also rose robustly for the seventh quarter in
succession.
However, life insurers expect profitability to rise at a
much slower pace in the fourth quarter of 2011.
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