Worldwide long-term savings new business – twelve months to 31 December 2005
Continental Europe
Ireland:
Hibernian Life is the third largest Irish life and pension provider with an 18% increase in sales to £665 million (2004: £561 million). This performance benefited from strong sales of single premium business, which increased by 82% to £372 million (2004: £203 million).
New pension sales were 13% higher at £449 million (2004: £393 million) and benefited from a significant number of large contracts across all categories of pensions, reflecting an attractive choice of fund managers.
Life and savings sales increased by 27% to £216 million (2004: £168 million) reflecting the continued success of the guaranteed fund launched in July 2004 and a buoyant market. Life regular premium sales decreased mainly reflecting lower protection sales, following repricing actions during the first quarter.
The agreement for the new bancassurance joint venture with Allied Irish Banks (AIB), Ireland’s largest retail bank, was completed on 27 January 2006. This agreement increases Hibernian’s Irish market share from 10% to approximately 16% through accessing AIB’s bank distribution channel, which complements Hibernian’s highly successful intermediary distribution network. The company is excited by the opportunities for growth in 2006 which this joint venture brings to Aviva.
