Hibernian Group has today announced new business results for the year ending 31 December 2007 for its Life and Pensions business.
Hibernian Group has today announced new business results for the year ending 31 December 2007 for its Life and Pensions business. The results mark the completion of the second year of trading for Hibernian Life Holdings, the joint venture with Allied Irish Banks (AIB) that merged AIB's Arklife with Hibernian Life and Pensions.
Market share for Hibernian Life Holdings grew from 16.7% to 17.3% excluding investment only business. Total sales on an annual premium equivalent basis were up 28% to €359.5 (2006: €281.2).
Pension single premium sales were up 47% to €645.7m across both channels buoyed by the launch of a number of new funds and strong performance of existing funds. The High Yield Equity and European Commercial Property funds sold particularly well and the Secure Capital Fund also proved to be very popular for investors seeking exposure to equities and property with a capital guarantee.
Stuart Purdy, group chief executive, Hibernian said: "These results clearly show the powerful impact that the combination of AIB and Hibernian's life and pensions companies has had. The successful integration of these two organisations, the full leverage of AIB's powerful distribution network and the enhanced product range is obviously appealing to customers. Hibernian is well placed for 2008 as we build our business based on service excellence for customers and increased choice in funds."
Dermot Browne, managing director, Hibernian Life Holdings said: "A number of factors were prominent in our success during 2007 where the market as a whole saw a strong first half performance and a more moderate performance in the second half. Key to our success is delivering what customers want. A combination of factors - excellent products, quality service and an enhanced fund range - has helped us to deliver profitable growth and provides a platform for further growth in the years ahead."
-ends-
Media enquiries:
Alan Tyrrell
Telephone: 01 8985452
Mobile: 086 850 8673
Notes to editors:
About Hibernian
- Hibernian Group is Ireland's largest composite insurer, ranked first for general insurance and top three for life and pensions.
- Hibernian Group is a subsidiary of Aviva plc, the world's fifth-largest insurance group and the UK's largest insurance services provider (based on gross worldwide premiums at 31 December 2006), and is one of the leading providers of life and pension products to Europe, with substantial positions in other markets around the world. Aviva employs 59,000 staff worldwide.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.