The professional services company said the life assurance confidence index was at 81 points in the second quarter.
This was the second consecutive drop in confidence levels after a strong 2011 performance when confidence among life assurers was typically above 90 points.
Tim Rutherford‚ life assurance spokesman at Ernst & Young said based on recent surveys‚ it appeared that banks have now become the most confident of all financial services companies‚ overtaking life assurers.
"Life assurers had very strong confidence levels through 2010 and 2011. This has slowed in 2012‚ in line with weaker gross domestic product prospects‚" he said.
"In addition‚ the labour unrest which has characterised the third quarter will have knock-on effects. There are strong indications that retrenchments will result and as these occur‚ so premium growth will be pressured‚" said Rutherford.
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