Ireland
Hibernian Life and Pensions maintained its position as the third largest Irish life and pension provider with a 27% increase in total sales to £504 million (2004: £392 million). This performance benefited from strong sales of single premium business, which increased by 114% to £280 million (2004: £129 million). New regular premium sales were lower at £224 million (2004: £263 million) which reflects continued customer and broker focus on single premium products.
New pension sales were 24% higher at £337 million (2004: £270 million) and benefited from a significant number of large contracts across all categories of pensions, which reflects an attractive choice of fund managers.
Life sales increased 36% to £167 million (2004: £122 million) and benefited from the continued success of the guaranteed fund. Life regular premium sales were down reflecting lower protection sales, following repricing actions during the first quarter, partially offset by a marginal increase in Special Savings Incentive Account (SSIA) premiums.
New business contribution was £13 million (2004: £18 million) with a margin of 2.6% (full year 2004: 3.4%). The reduction in the margin reflects the change in product mix due to investors’ preference for single premium products and competitive pressures within the market.
