Zurich Ireland sales dip 12%

THE Irish life assurance arm of international financial services group, Zurich — that was up until recently Eagle Star Life — has reported a 12% like-for-like decline in new business sales for the first half of the year to €92.4 million.

The company called the performance “impressive in a challenging market”. Total life sales across the market, as a whole, fell by 30% during the first six months of the year, compared to the same period last year.

Elsewhere, the half-year performance was strong, with Zurich Ireland reporting an 11% year-on-year rise in new business for annual premium pensions to €47.4m and a flat figure of around €250m for single premium pension sales against an overall market decline of 41%. PRSA (personal retirement savings accounts) business at the company rose by 14% over the period, increasing the firm’s market share in Ireland in this area to 28%. This area fell by 6% on a market-wide basis for the first half of the year, compared to the first six months of last year.