Hibernian Life and Pensions today announced a 26 per cent growth in new business APE (Annual Premium Equivalent) for the year ending 31 December 2001.
Hibernian Life and Pensions today announced a 26 per cent growth in new business APE (Annual Premium Equivalent) for the year ending 31 December 2001.
This strong showing highlights the on-going success of the October 2000 merger that saw Hibernian, Norwich Union and CGU coming together in Ireland under the Hibernian brand.
The 26 per cent increase reflects growth in all business areas with new single premium sales in pensions particularly buoyant, rising by 110 per cent to 227.1m euros (2000: 108m euros). Annual premium sales in pensions also maintained last year’s strong growth reaching 53.4m euros (2000: 47.4m euros).
Commenting after the announcement of the results Grant Barrans, Managing Director of Hibernian Life and Pensions, said: “The strong showing in pensions is evidence of the success of Hibernians competitive pension products in the broker market.”
On the life side Hibernian also saw record single premium sales growth for the fifth year of its "unitised with profit" Celebration Bond, a market leader whose sales grew from 253.6m euros to 411.4m euros, a 62 per cent increase.
Grant Barrans added: “This paves the way for the launch of Hibernian's Celebration 2002 Bond at the end of this month. It is also a visible sign of the recent uncertainty in equity markets; customers are choosing the relative safety of a unitised with profit product over the increased volatility of a unit-linked fund.”
Annual premium growth for life products saw a 72 per cent increase to 34.9m euros, reflecting strong sales of Hibernian's competitive government Special Savings Incentive Account (SSIA)* . As the 30 April deadline for take up of the offer approaches, Grant Barrans believes sales in the first few months of this year are likely to surpass 2001 sales made since the initiation of the government scheme on 1 May last.
Grant Barrans concluded: “These new business figures indicate that Hibernian Life and Pensions has picked up market share. We are becoming Ireland's largest provider of life and pension products through the broker channel. The company as a whole is delighted with the results which maintain Ireland's strong position as part of the overall CGNU Group and prove beyond doubt both the success of the merger, and our position as a company that consistently delivers value to its brokers.”
Contact:
Kela ORiordan, Hibernian Group Communications Manager
01 617 8164
086 606 8842
kela.oriordan@hibernian.ie
*Note on SSIAs: At 31 December 2001 8,000 Irish savers had chosen a Hibernian SSIA. The average monthly premium is 200 euros. Hibernian offer a choice of 23 unit linked funds, the most popular of which is Hibernians Target 20. This fund is managed by Hibernian Investment Managers and consists of a portfolio of 20 global equities.