Facts and Figures

Insurance employs 275,000 people in the UK and manages investments amounting to 24pc of the country's net worth, with the ABI's members controlling a combined £1.6 trillion in assets and owning 13pc of the UK stock market.

"The long-term nature of our liabilities and the assets we need to invest in to back those liabilities makes us a really important part of the funding of the future of the UK," said Mr Otto Thoresen, the new incoming Chief Executive of Association of British Insurers.