Insurer Standard Life beat expectations with a 7 per cent drop in sales during 2009, as a market recovery during the second half helped soften the impact of crisis-hit UK consumers cutting back on savings.
However, in Ireland, sales declined 21 per cent from £1billion to £886 million.
Domestic sales increased by 11 per cent in a shrinking market, while offshore bond sales were 44 per cent lower at £370 million due to the impact of the weak economic conditions experienced during the year.
Standard Life, which is Britain's fifth-biggest insurer by market value and the first to detail sales for the full year, said it saw "good momentum" as it moved into 2010, despite an uncertain environment, adding it saw "good prospects" for its UK arm.
The insurer said life and pensions sales for the 12 months totalled £14.7 billion pounds.
In the UK, its core market, sales dropped 10 per cent to £10.1 billion pounds.
Net inflows remained stable at £2.7 billion. Excluding the impact of a decision not to renew lower margin UK bulk investment deals, net inflows were up 57 per cent at "3.2 billion.
Standard Life's long-time boss Sandy Crombie announced his intention to step down last year, and has since been replaced by finance director David Nish.
Mutual insurer Royal London, Britain's largest customer-owned life and pensions funds, said separately today it had seen total new business rise 10 per cent to £2.46 billion for the year, boosted by businesses acquired from rival Resolution in 2008.
Additional reporting: Reuters
