Sales climbed by 61 per cent at Hibernian Life & Pensions over the first half, with a first-time contribution from Ark Life boosting the total substantially.
Hibernian's parent, Aviva, yesterday reported Irish sales of £558 million (€826 million) for the six months to the end of June, up from £349 million a year earlier.
The sales figure is expressed on the "present value of new business premiums" basis, which includes the present value of new regular premiums plus 100 per cent of single premiums.
On an annual premium equivalent basis (the more traditional measure in the sector), sales were up by 12.2 per cent, leaving Hibernian behind the overall market in growth terms.
Figures compiled by actuarial consultants Life Strategies last month showed that the Irish life and pensions market grew by 22 per cent over the first half.
The overall Hibernian sales figures translated into an increase in operating profits from £14 million to £31 million. Some £14 million of the total came from Ark Life.
Hibernian's sales included £223 million from Ark Life, where the company has had a 75 per cent share in a joint venture with AIB since the end of January.
This business comprised £150 million in life sales, where most activity came from single premium bonds. Pension sales at Ark Life over the five months amounted to £73 million.
Pension sales through Hibernian's broker channel were the weak point in the results, with sales falling by 15 per cent to £204 million. The company said the decline reflected an "exceptional level of investment-only pension contracts sold in 2005". Such business tends to be lumpy.
Life sales through the broker channel were 23 per cent stronger at £131 million, helped by demand for Hibernian's guaranteed fund. Since the end of June, the firm has relaunched its property fund and has taken in €20 million in subscriptions.
Ark Life has meanwhile attracted €1 million into its post-SSIA savings product since the savings scheme started to mature in May. Aviva said it expected "further growth" at Hibernian in 2006 and 2007, as SSIAs continue to mature and as new products are launched through the AIB branch network.
