The Bank of Ireland owned Lifetime Assurance has recorded strong growth in 1998 with a 60 per cent rise in new business to £52.5 million (#66.6 million). Further strong growth is anticipated.

Mr Roy Keenan, Lifetime's managing director, noted that the fall in interest rates to European levels was driving savers towards stock exchange-based investment products and "Lifetime expects this trend to accelerate during 1999. PIPs and PEPs have excellent potential for good returns over the medium to long term". However, he warned that the low interest rate environment could have negative implications for many existing pension plans and urged consumers with personal pensions to review the adequacy of their contribution.

A breakdown of last year's figures shows the success of the launch of a PEP product last June to supplement existing PEPs. New business in this sector grew by 97 per cent to £21.8 million. The single premiums business, he said, was "very buoyant".

The protection assurance market, incorporating mortgage protection and critical illness, was also very strong. Here new business increased by 22 per cent to £6.8 million.