Ireland
Hibernian Life and Pensions continues to be the third largest Irish life and pension provider and reported a 10% increase in total sales to £269 million (2003: £250 million). This performance benefits from both strong single premium pension sales throughout the year and increased sales of savings products in the fourth quarter. Sales on an APE basis increased by 9% to £86 million (2003: £81 million).
New single premium pension sales were 11% higher at £149 million (2003: £137 million) and benefited from strong fourth quarter sales. New regular premium pension sales were up 7% to £48 million (2003: £46 million), which reflects Hibernian's ability to offer policyholders competitive products and a wide range of investment funds. Investment into the two geared property funds, added to the range for the main October and November pension selling season, was encouraging.
Life regular premium sales increased to £18 million (2003: £16 million) reflecting an increase in protection business and additional new premiums on existing Special Savings Incentive Account (SSIA) policies. Life single premium sales also increased to £54 million (2003: £51 million). Although the market throughout the year was marked by continued investor caution and reduced demand for unit-linked and with-profit products, the fourth quarter benefited from significant sales of the innovative Guaranteed Fund savings product, launched in August 2004.
