BoI Life sales up 17% to €280m

BANK of Ireland Life, the retail life and pensions provider, boosted sales in 2002 by 17%.

Based on the industry measure of the Annual Premium Equivalent the Bank of Ireland subsidiary, which includes New Ireland, achieved new business sales of €280 million.

In pensions, the group’s dominant position is reflected in the 36% boost to regular premium business at 10m.

That was an increase of 36% for the year and a good achievement in a year dominated by the Special Savings Incentive Accounts.

Quentin Teggin, head of savings and bancassurance market at the company said the investment performance of Bank of Ireland Asset Managers was “a very positive influence on performance”.

Last year it was the top performer in a bad year that saw some funds lose over 24% of their value. BIAM was down less than 14%. By contrast AIB was one of the worst performers.

Single premium pension sales were up by 55% to €198 million and again the investment performance relative to major competitors was a major factor in achieving the growth. Sales of regular premium investment products (PIPs) were up 22% on 2001, fuelled in large part by a strong finish on SSIA sales.

Total sales through all channels amounted to 100 million that excludes Government contribution. Sales of protection business grew solidly to €27 million, an increase of 11% over 2001.

Mr Teggin said the poor stock market environment impacted consumer confidence that resulted in single premium unit linked investment plans and sales fell 29% to €329 million).

However, this was in part offset by a strong increase in sales of Bank of Ireland's Combination Equity Bond by the bancassurance sales-force with sales up 86% to €171 million.

Looking ahead Mr Teggin said 2003 will be a year of opportunity for savers. Equities will offer good value and the group is well geared with a good product range to cater for the needs of those looking to secure their future, he said.