Progressive Life, the life assurance arm of Irish Permanent, has reported 33 per cent growth in new business during 1998, with total annual premium equivalent (APE) of £26.7 million.

APE is defined as the total volume of new annual premium business plus 10 per cent of new single premium business.

Progressive Life had new annual premiums of £16.3 million, up 20 per cent, and new single premiums of £104 million last year, up 55 per cent.