Engage Mutual Assurance has reported gross new business life premiums growth of 41% for 2007, representing an increase in both customers and funds under management.

Gross premiums written for life funds increased by nearly 11% to more than GBP38 million and customer base increased by 9% to more than 380,000 through new business growth. Over the past 12 months Engage has paid out more than GBP73 million to its existing customers through life cover claims and investment maturities.

Engage said that its business saw a substantial increase in with profits sales in 2007 and intends to invest further in the growth and development of the with profits fund in 2008.

Andrew Haigh, CEO of Engage Mutual Assurance, said: 2007 was our third year of trading as Engage Mutual Assurance and we are pleased to announce continued business growth, with an increase in both our customer base and new business premiums during what has been a volatile year for the financial services sector.