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However, according to data from the Association of British Insurers (ABI), new regular premium accumulation and protection business in the second quarter increased by 13.6 per cent to £1.59bn, up from £1.40bn in the corresponding quarter of 2007.

Total single premium accumulation and protection new business was £18.72bn for the second quarter of 2008, a decrease of 9.5 per cent from £20.69bn in the same period of 2007.

Meanwhile, total decumulation new business in the second quarter this year was £3.50bn, a decrease of 3.5 per cent from £3.63bn in the corresponding quarter of 2007.

Total single premium individual pensions new business in the quarter was £5.99bn, a decrease of 11.2 per cent from £6.74bn in the second quarter of 2007.

Total regular premium individual pensions new business in the second quarter of this year was £976m, up 12.5 per cent from £868m in the corresponding quarter of 2007.