Zurich Life sees new business levels fall by 14%

New business levels at financial services provider Zurich Life (Ireland) fell by 14% to €153.6m last year — higher than the average fall of 8% for the industry.

The company — which formerly traded as Eagle Star — said its strong profitability levels remain and that it has retained its core market share and pricing discipline.

“As expected, 2011 was another tough year for the life industry in Ireland, with aggressive competition for all business, including broker reports of their customers being targeted by banks,” added Anthony Brennan, Zurich Ireland’s chief executive.