Hibernian Life & Pensions recorded a 15 per cent increase in total sales last year, boosted by the group's acquisition of AIB's life insurance subsidiary, Ark Life, at the start of 2006.
Total sales measured on an annual premium equivalent basis - comprising 10 per cent of the value of new single premium sales plus the value of regular premium sales - were €281.2 million, compared with €245.5 million in 2005. The combined market share of the two groups now stands at 16.7 per cent.
Stuart Purdy, Hibernian's chief executive, welcomed the results, saying 2006 had been a busy period for the insurer. The coming year was likely to continue in the same vein as several new products, including one to capture the raft of money coming from maturing SSIA accounts, were launched, he said.
However, while sales of single premium products increased across the board, regular premium life sales fell 5 per cent last year. Hibernian attributed the decline to the loss of a key distributor early in the year, as well as increased competition in the protection market and some slowdown in new mortgage sales towards the end of the year.
It also said its broker business is continuing to experience a higher level of lapses than previously anticipated, though the full extent of this will not be revealed until the full-year results are published at the start of next month.
Sales of single premium life products increased 55 per cent, boosted by a strong broker performance from the company's broker channels. The reopening of the group's property fund also proved popular, with sales totalling €71.9 million.
Single premium pension sales rose 14 per cent, to €440.38 million. Regular premium pension sales were up 7 per cent, at €117.2 million.
Hibernian, which is part of global insurer Aviva, this week named Michael Murphy, currently finance director at Canada Life, as its new finance director.
Aviva yesterday issued a trading update, saying total worldwide sales increased 22 per cent to £31.1 billion (€47.3 billion). Life and pensions sales were 18 per cent ahead at £26.2 billion.
