Zurich Life Ireland today announced its market share had grown 46 per cent following a strong pensions performance.
Unveiling its financial results for the nine months ended September 2009, Zurich Life said it had outperformed an overall decline in the market, and parent group Zurich Financial Services reported "continued operating strength" and "near-record" capital position.
Pensions single premium new business increased 25 per cent to €505.6 million (€403.6 million for first nine months in 2008) versus a market decline of -11 per cent amid what Zurich said was particular strength in the PRSA sector of the pensions market.
New business in individual protection (life and serious illness cover) was up 14 per cent to €15.2 million compared to the same period in 2008, although new business APE (annual premium equivalent) was down 5 per cent for the first nine months of 2009 at €136.6 million.
Zurich said it had a new business margin of 23 per cent.
Commenting on the results, Anthony Brennan, CEO Zurich Life, said: "All the indications point to another challenging year ahead, but I am confident that our strengths position us well to continue to outperform”.
Brendan Johnston, pensions director at Zurich Life, referred to the uncertainty over future tax relief for pensions.
“We would call on the Government to keep tax relief on pensions at the marginal rate. The implications of reduced tax relief will be a dramatic reduction in the amount saved for pension which is very serious given the relatively immature position of Irish pension provision”.
