Protection and bond sales slide but pensions soar

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Protection and investment bond new business continues to slump but sales of individual and occupational pensions are soaring, statistics from the Association of British Insurers (ABI) reveal.

ABI life and pensions new business data for Q2 2008 reveals sales of single premium individual protection products slumped by almost 20% to £305m in Q2 2008 compared with the same period last year. Regular premium new business sales fell only marginally, by 1.1% to £215m compared with Q2 2007, but this still represents a huge fall from Q3 2006 when new business sales hit £236m. Conversely, regular premium occupational pensions new business climbed 44.9% in Q2 2008 compared with the same period last year, while individual pensions rose 12.5% to £976m. Single premium occupational pensio...

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