Bank of Ireland Life has reported a 43 per cent increase in sales of its new savings, investment and pensions policies to €140 million in the first half of 2004.

The 43 per cent increase in annual premium equivalent growth, the industry standard for measuring new sales growth, compares with the estimated 14 per cent growth in the life market.

The bank recorded a 54 per cent increase in regular premium pensions to €70.7 million. Sales of regular savings policies rose by 117 per cent to €11.7 million. Sales of protection policies declined by 12 per cent to €13.6 million, compared with €15.4 million in the previous year.

The bulk of the group's business was in single premium products.

Sales of this type of investment products were up 46 per cent to €330.9 million. Sales of single premium pensions rose by 23 per cent to €105 million.

Commenting on the half-year performance yesterday, Bank of Ireland Life's managing director, Mr Brian Forrester, said the bank had outperformed the market across all categories.

"We are starting to see growing investor confidence and this has enabled us to boost product sales across all customer channels, resulting in a three per cent growth in market shares," he said.

Bank of Ireland Life estimates that it has increased its share of this market by 3 per cent to over 24 per cent. Davy Stockbrokers said its growth rate was comfortably ahead of those competitors that have already reported half-year figures. AIB's Ark Life and Aviva reported 10 per cent and 13 per cent growth respectively. Irish Life & Permanent, which reports next week, is expected to record an increase of up to 23 per cent. Figures for the industry will be issued in September.