Bank of Ireland Life sales surge
Present indications suggest it will have a 25% market share for last year when the official figures are published in March.
Only Irish Life & Permanent, last yearâs market leader, can prevent it from being number one in 2004.
IL&P is forecasting high teen growth in life and pensions with the last quarter of last year being critical to the final outcome.
The combined strength of AIB/Hibernian will give them third slot with initial indications suggesting IL&P may be forced into second by Bank of Ireland.
The latterâs managing director, Brian Forrester, said the significant boost to the groupâs figures reflected growing investor confidence in the future of stocks and shares.
SSIA savers stand to be âŹ2,000 better off than investors in deposits and Mr Forrester suspects they will continue to save in the coming years.
Bank of Ireland is convinced a significant portion of SSIA money will be reinvested to the benefit of the bank, he said.
Over the 12 months single premium sales rose to âŹ894m, an increase of 63% on the year.
In pensions, annual premium sales rose 17% to âŹ160m and single premiums were 43% higher at âŹ401m. SSIA contributions rose by 22% to âŹ11.4m.
On the future of pensions Mr Forrester again called on the government to adopt measures to entice people without pensions to start saving for retirement.
In a submission to Government last July, the bank called on the government to introduce a similar type incentive scheme to that used for the SSIAs.
If full tax relief is given to low income earners, that would be the equivalent of a one for one backing from Government and should prove successful in the long term, the bank believes.
âOur challenge now is to convince customers that, while they may wish to withdraw some or all of their SSIA lump sum, they should continue with the savings habit, and build up savings for their futureâ, said Mr Forrester.
