Individual pensions sales fell by 25% in the third quarter of 2009, according to the latest figures from the ABI.
Both single and regular premium business tumbled between July and September, despite growing optimism over the state of the UK economy.
Regular premium individual savings sales fell by a quarter, from £818m in Q2 to just £610m in Q3. Sales were down 23% compared with the third quarter of 2008.
Meanwhile, single premium pensions business dropped 24% to £3.3bn over the same period. Year-on-year, new business is also down 24%.
Decumulation sales fell 8.5% over the quarter, and are down 21% on an annual basis to £2.8bn.
In the protection market, new single premium individual protection sales tumbled 77.8% from £65m in the second quarter to £55m for Q3, according to the ABI figures.
The fall marks a 64.7% drop compared to the same period in 2008.
Regular Premium individual protection new business also slightly (0.7%) to £215m for the third quarter down from £224m for the previous quarter, though this is up 0.4% on the same time last year.
Group protection sales for Regular Premiums rose 11% quarter-on-quarter from £74m to £76m, though are down 7.3% compared to 2008.
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