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Life office new business leaps 20 per cent

Sales of life insurance, pensions and investment totaled £9.5bn in the third quarter of 1999, an increase of 20 per cent on 1998.


Overall the value of life insurance policies sold rose 31 per cent to £6.5bn, while pension sales fell by 8 per cent to £1.3bn.


Sales of Isas and Oeics were also up 8 per cent to £1.6bn, but insurance sales slowed, with 34,000 new accounts opened.


ABI director general Mary Francis says: “Insurers have had another good quarter. One feature is the drop in sales of pensions. Consumers may be deferring this type of saving until they know more about stakeholder plans.”

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