Norwich Union’s total UK life and pension new business increased by 25 per cent last year to £11.5bn from £9bn.
But after the figure is reduced by £361m for lapses, the total sales on a present value of new business premiums basis is cut to £11.1bn, which represents growth of 21 per cent.
Parent group Aviva says that total worldwide sales increased by 22 per cent to £31.1bn from £25.6bn.
NU says the effective implementation of its A-Day strat-egy resulted in a 40 per cent rise in total pension sales to £5bn from £3.6bn.
Sales of group pensions only showed a nominal increase to £1.025bn from £1bn, with the growth in individual pensions accounting in the main for the 40 per cent rise in total pension sales.
With-profits bond sales almost doubled to £902m from £468m, which NU attributes to the popularity of its guarantee-backed product.
Equity-release sales fell to £316m from £374m, which Aviva says was due to increased competition as new providers entered the market.
Aviva group chief executive Richard Harvey says: “In the UK, Norwich Union continued to perform extremely well, achieving an impressive 35 per cent increase in total sales.”