BoI Life new sales up 43%

Bank of Ireland Life (which incorporates New Ireland Assurance), Ireland's leading retail life and pensions provider, today announced results for the half-year to 30 June, 2004.

Overall, new business sales have grown by 43% to €139.6m compared to the same period last year.

This represents an overall market-share growth of approximately 3% to over 24%.

Single Premium Investment Business grew very strongly, up 46% to €330.9m, highlighting considerable momentum towards unit-linked products.

There was also excellent growth in regular premium pensions sales, which rose 54% to €70.7m, while single-premium pension sales were up 23% to €105m.

Within this, Bank of Ireland Life has reached its stated target of selling one in four PRSA policies in the market.

Bank of Ireland Life managing director Brian Forrester said: "We are particularly happy with our success in the pensions market.

“We have invested heavily in a state-of-the-art information technology system and an excellent online information and administration service that allow us to deliver the level of service which employers are demanding today.

“This, combined with the strong fund performance of Bank of Ireland Asset Management (BIAM) positions us very well in what is a very challenging and competitive market.

“We are continuing to sell around one in four of all PRSA. However, while the legal obligations around PRSAs have acted as a catalyst to employers to make some form of pension provision, we're finding that many employers are continuing to favour traditional group-defined contribution schemes for their employees."

Bank of Ireland began the day's trading on the ISEQ at €10.77.