Canada Life premium sales up 45%

PENSIONS and investments firm Canada Life has booked a 45% increase in premium sales in the six months to the end of December 2004.

The company, which is owned by the Great West Life Company of Canada, says its annual premium equivalent sales (APE) increased to €45.1 million in the period. It said sales of regular premiums had risen by 40% and sales of single premiums were up 47%. Canada Life said it had more than 240,000 policyholders in Ireland.

The company was also positive about the outlook for this year, forecasting that the Irish life insurance and pensions market will grow by 12%.

It expects to seek strong in-products that will allow customers to retain a significant element of control when it comes to their investment and would also be looking for strong sales of Personal Retirement Savings Accounts (PRSAs) this year.

Canada Life said it plans to roll out a number of unique and niche-style investment products during the year.

The company has appointment Eunan O’Carroll to head its broker and direct sales channel to help drive sales. Canada Life chief executive Tom Barry said in a statement: “The new appointments in sales and marketing represent a significant investment by the company and demonstrating our commitment to the Irish market. We are delighted with our strong recent sales performance and feel that the company is well-positioned to successfully execute its aggressive growth strategy during 2005.”