AIB's life and pensions company, Ark Life, has reported a strong performance in 1999 with new regular premium business up 24 per cent to £67.2 million (€85.3 million).

New life business accounted for £53.2 million of this, up 20 per cent on the previous year while new pensions business rose to £14 million, showing a 40 per cent increase.

Single premium sales were also very strong climbing from £215 million to £320 million during the 12 month period, an increase of 49 per cent.

Ark Life's annual premium equivalent - the performance measure used by the insurance industry which combines 10 per cent of new single premium sales with annual premium sales - shows Ark Life achieved a 31 percent overall increase in 1999, with APE up from £75.5 million to £99.2 million.

Announcing the figures yesterday, Ark Life managing director, Mr Gerry Byrne, said the group's performance was a record for the life assurance industry.

"Growth has been strong on all fronts. In the savings and investments markets we have reinforced our dominant market share with over 40 per cent growth in new business."

Ark Life claims to have a market share of 18 to 20 per cent in 1999, up from around 16 per cent in the previous year.