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.”