AIB's life assurance and pensions company, Ark Life, has reported a 21 per cent increase in new regular premium business last year to £81.2 million (€103.1 million). Single premium income also grew strongly, with sales up 35 per cent to £431 million compared with £320 million in 1999.

Using the insurance industry performance measurement - the annual premium equivalent - Ark Life achieved a 25 per cent increase in business to £124.3 million. The annual premium equivalent is calculated using 10 per cent of single premium sales plus all new regular premium sales.

Commenting on the results yesterday, Ark Life managing director Mr Gerry Byrne said new pensions legislation had greatly enhanced the attraction of retirement provision during the year.