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Investment in group and self-employed pensions slumped last year amid an overall decrease of 11% in new business, according to the latest figures from The Irish Insurance Federation.

The Sunday Business Post reports new annual premium business fell by 11% but a 4% increase was recorded for new single premium business. Between 2009 and 2010 life business grew by 8% in terms of new business annual premium equivalent but the pensions side of the market declined by 8%.

Savings products were more popular last year but there was a marked decrease for protection products.

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