AXA Sun Life saw a 4 per cent rise in new business in 1998 totalling £458.9 m despite an 8 per cent fall in sales of new regular premiums.
AXA Sun Life chief executive Les Owen blames the drop in regular premiums on the merger between Sun Life and AXA Equity & Law.
The total figure was based on the industry index of new regular premiums plus one tenth of single premiums.
The life office says that its overall success was due to strong single premium sales particularly bonds which were up 43 per cent on the previous year to £1041.1m.
Owen says: "Whilst new regular pensions business has not yet picked up, we are introducing a new personal pension plan this month. This will be quickly followed by Oeic and ISA products."