Its reported that Norwich Union has extended the deadline for its closure to new pension and annuity business in the Channel Islands and Isle of Man until June, partly due to pressure from Manx customers.

Originally the insurer said it would no longer accept any new pension and annuity business, both corporate and individual, in Jersey, Guernsey and the Isle of Man from the 1 February.

However, reports suggest that after the original announcement at the beginning of January, Norwich Union says feedback from customers and advisers in "these jurisdictions" mean it will continue to provide quotations for new business up until 1 June, to “reduce pressure on both customers and advisers”.

The insurer says it made the decision to withdraw from the Crown dependencies following a strategic review, as the different regulatory and taxation systems mean it costs the company more money to adapt systems, and “does not offer economies of scale for the business”.