Ireland
Hibernian Life and Pensions, the third largest Irish life and pensions provider, reported a solid nine month performance. Total sales on an APE basis increased by 15% to £63m (2003: £55 million) as a result of improved pension sales. Total sales were 9% higher at £179 million (2003: £167 million).
New regular premium pension sales were up 14% to £36 million (2003: £32 million) and new single premium pension sales were 20% higher at £97 million (2003: £82 million). Sales of regular premium personal and executive pensions benefited from Hibernian's competitive products and a market-leading range of investment funds. Two geared property funds have been added to the range for the main October and November pension selling season.
Sales of Personal Retirement Savings Account (PRSA) products remain disappointing, both for Hibernian and the market. However, increased publicity around PRSAs has contributed to sales growth in other pension products.
Life regular premium sales increased to £14 million (2003: £11 million) reflecting growth in protection business. Life single premium sales fell to £32 million (2003: £42 million), reflecting ongoing investor caution and reduced demand for unit-linked and with-profit products. The investment fund we launched last quarter that includes a capital guarantee after five years is generating interest and we expect take-up to continue to increase in the fourth quarter.
New business contribution was £14 million (2003: £16 million), with a margin of 22.3% (full year 2003: 28.5%) in line with the trend we reported earlier in the year.
