Zurich Life increases market share

The Irish operations of Swiss financial group Zurich Life saw its share of the Irish market grow to 18 per cent last year.

Results for the year ended 31st December 2010 show that new business APE - which comprises the company's life and pensions business, but excludes investment only business - grew by 1 per cent last year to €177.9 million, compared to €176.3 million in 2009. This compares to an average market fall of 6 per cent according to the company.

In terms of life insurance, new business increased by 16 per cent in the year to €38.7 million, up from €33.5 million in 2009, with the result that Zurich now holds 13 per cent of the life assurance market in Ireland.

However, its pension division saw new business fall by 3 per cent in the year to €139.1 million, down from €142.8 million in 2009. Nonetheless, Zurich Life's pensions market share increased to 19 per cent, compared to 18 per cent in 2009.

When investment only figures are included, Zurich's total new business in Ireland increased by 1 per cent to €196.3 million.

The company, which was formerly Eagle Star, said that its European Manufacturing Hub established in Ireland in 2009 is delivering significant cross border new business growth from products produced in Ireland and launched into the UK, Italian and German markets. Total new business from the European Hub more than doubled to €82.3 million for the year ended 31st December 2010.

Anthony Brennan, CEO of Zurich Life Assurance Ireland, said the results show that Zurich Life outperformed the market average for new business in a tough market.