Hibernian Life & Pensions today announced its new business results for the year ending 31 December 2002. Despite deteriorating economic conditions and continuing stockmarket falls Hibernian has managed to hold sales steady following last year’s significant surge in growth.
Hibernian Life & Pensions today announced its new business results for the year ending 31 December 2002. Despite deteriorating economic conditions and continuing stockmarket falls Hibernian has managed to hold sales steady following last year’s significant surge in growth.
Hibernian saw annual premium business grow strongly with a 60% increase in life annual premium sales. While this included SSIA sales up until the close of the government scheme at 30 April last year, it also included €14.9 million in new protection business, up 60% on last year. The predicted fall in both life and pensions single premium business can be attributed in part to the huge investment by Irish people in SSIAs, which essentially sucked all excess cash out of the economy.
Despite this cash drain Hibernian also saw good levels of growth in annual premium pension business, which increased by 21% on 2001 figures to €64.5 million.
Grant Barrans said: “Our new business figures indicate that Hibernian has not only maintained last year’s strong sales, but also picked up new annual premium business in the core protection and pension markets. We are very pleased with this and are hoping that investment conditions will steadily improve during 2003, which will not only benefit our business but also our customers’ savings and pension plans. The results also maintain Hibernian’s position as Ireland’s leading provider of life and pensions through the broker channel and our overall position as a key part of the Aviva Group.”
-ends-
Press contact:
Kela O’Riordan, 01 617 8164, 086 606 8842, kela.oriordan@hibernian.ie
Notes to editors
- Hibernian is part of the Aviva plc the fifth largest insurance group in Europe, and seventh globally (based on gross worldwide premia)
- Hibernian is Ireland’s largest composite insurer, ranked first for general insurance and top five for life and pensions
- A photograph is available by ISDN