Industry-wide investment bond sales drop 40% in Q1

Single premium sales fell to £6.463bn in the first quarter this year, a decrease of 38% from Q4 2008 and 27.7% from Q1 in 2007. The ABI statistics also reveal falling new business across both the single and regular premium categories for individual and occupational pensions, individual and group protection, as well as offshore business and retirement income products for Q1 2008. But the biggest drop was in investments and savings, which, as well as bonds, include endowment policies, child trust funds and insurance ISAs. Total regular premium accumulation and protection new business in Q1...