Friends First Life Assurance said last night it had shown very strong growth in the first half of 1999. The company said the latest industry data showed its annual premium equivalent (APE) grew by 63 per cent to £37.5 million (€47.6 million) in the six months to June 30th, compared to the same period last year.
The industry average growth rate for the period was 20 per cent. Friends First said the data meant its market share was now 10.3 per cent, up from 7.6 per cent in the previous year.
The company growth in the single premium market was particularly strong, with the industry growing at an average rate of 62 per cent. Friends First increased its business by 87 per cent to £256.4 million, moving the company into 2nd place in this sector of the market.
Industry growth in annual premiums was slow at just over 1 per cent, the company said, but it registered a 27 per cent increase in such business, to £11.8 million.
"Our success is an indication of the effectiveness of the business development model introduced in recent years," said Friends First managing director, Mr Adrian Hegarty.
