Axa Sun Life has reported a 28 per cent leap in new group business for the first nine months of the year.
The life office figures reveal a £94m jump in equivalent premium income to £434.8m from £340.8m over the same period last year.
The increase in new business comes on the back of a massive increase in single premium bond sales which leapt 72 per cent to £1,266m from £735.1m the previous year.
Sun Life attributes the rise in bonds sales to the current low interest rate environment which has seen investors income drop significantly. As a result investors have looked to replace their missing income through investment in its distribution and with-profits bonds.
Total single premiums also jumped 39 per cent to £2,555.5m from £1,842.2m with single premium pension sales up 15 per cent to £1,030.8m from £895.6m the previous year.
Regular premiums sales were less well received with sales of personal pensions down 6 per cent on last year to £19.5m from £20.5m the previous year. While overall regular premiums showed a modest 15 per cent rise to £179.3m from £156.6m last year.
Axa's chief executive Les Owen blames the fall in regular premium pension sales on market uncertainty ahead of the introduction of stakeholder pensions. He says: "Regular premiums have been reasonably flat due to the uncertainty as to exactly what stakeholder will actually look like."