EAGLE Star plans to become market leader in the Irish pensions market by the year 2000.

Announcing record results with a 131.5 per cent increase in new single premiums in life and pensions from Pounds 25 million to Pounds 57.9 million in the first half of 1997, the group said it intended to seek to further increase its pensions business "by acquisition of existing competitors when opportunities arise". Asked about specific acquisitions, a spokesman said he could make no comment but the company was "on the lookout".

Eagle Star reckons it now has about 10 per cent of the Irish pensions market and this has been growing consistently over the years. Its target was to have 15-20 per cent by the year 2000 which would make it the market leader, the spokesman said. This would knock Irish Life from its number one position.

Eagle Star is confident strong growth will continue. The company noted that it had won the Fund Manager of the Year award for the fourth consecutive year. A continuation of its "excellent investment performance" would provide it with increased market share, the spokesman said.

Eagle Star has not produced any profit and loss figures, nor has it announced embedded value figures.

A breakdown of new single premiums in the first half shows a 167.4 per cent growth to Pounds 51.5 million in pensions and a more modest increase of 11.9 per cent to Pounds 6.47 million in life assurance.

There was a 16.4 per cent growth in new annual premiums for pensions and life amounting to Pounds 9.24 million. A breakdown shows a 22.8 per cent rise in pensions to Pounds 6.74 million and a marginal rise of 2 per cent to Pounds 2.5 million in life.

The launch of a new serious illness product had already increased sales, Eagle Star said.