Hibernian L&P hit by 40% sales drop

NEW business sales at Hibernian Life & Pensions fell by 40% in the first nine months of the year as the closure of the Government’s SSIA sponsored saving scheme to new accounts hit sales.

Hibernian Life & Pensions, the third largest life and pensions provider in Ireland, is owned by Britain’s biggest insurer Aviva, where company-wide nine-month life and pensions sales were below expectations.

Hibernian Life & Pensions reported new business sales of £55m, a 40% year-on-year decline in local currency on an APE basis. Sales in 2002 benefited from regular premium sales of £23m of the Government’s Special Savings Incentive Account (SSIA) before its closure on 30 April 2002.