Insurance companies' sales of individual life policies, pensions and other investments totalled £12.9 billion in the second quarter of 2000.
Figures from the Association of British Insurers show the total invested is 1.4 per cent up on the comparable figure last year, thanks largely to a 3 per cent increase in the sale of single premium products, which were up to almost £12 billion, while sales of regular premium policies dropped 11 per cent to £900 million.
The value of individual life insurance policies sold in quarter two fell by 2 per cent to £6.1 billion, compared with £6.3 billion last year.
Sales of regular premium policies were down a hefty 23 per cent while single premium policies, which made up the vast bulk of sales, were down just 1 per cent.
Total sales of pensions were up 8 per cent to just under £2 billion, with single premium sales rising by 8 per cent and regular premium sales by 9 per cent.
Sales of collective investments, including unit trusts and Individual Savings Accounts (ISAs) rose by 9 per cent to £2.7 billion.
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