Hibernian reports 29% slump in sales

Insurance company Hibernian, announcing year end figures today, has reported a 29% slump in sales in 2003.

The company reported new Annual Premium Equivalent (APE) of €115.4m for 2003, down from €162.3m a year earlier.

Excluding a €39m impact from the SSIAs, sales declined by 5%.

Sales of single premium pensions rose 14% to €198m, which Hibernian said reflected growing confidence in the Irish business community following recent economic uncertainty.

Annual premium pensions sales rose 1.7% to €65.6m.

Demand for protection assurance policies rose 33% to €20m last year after growing 66% in 2002, partly reflecting continued growth in mortgage protection as demand for property continued to grow.

The company expects sales will recover in 2004 as the global economy strengthens and better corporate profits helps the stock markets.

"We expect investment conditions, which gradually recovered towards the end of 2003, will continue to improve in 2004 thereby encouraging increased consumer confidence and investment," said Hibernian managing director Grant Barrans.