Hibernian Life & Pensions today announced its new business results for the year ending December 31 2006.
The results mark the end of the first 11 months of trading for the joint venture with Allied Irish Banks (AIB). The deal, through which Hibernian acquired AIB’s life insurance subsidiary Ark Life, was signed at the end of January 2006.
Total sales on an annual premium equivalent basis were up 15% to €281.2m (2005: €245.5m) for both parties to the joint venture and market share now stands at 16.7%.
Life single premium sales were up 55% across both channels. The re-opening of the property fund proved especially attractive to bank customers and sales reached €71.9m. A number of new products including a rollover product designed to capture maturing SSIAs are expected to keep life sales buoyant for 2007.
Stuart Purdy, chief executive, Hibernian said: “2006 was a busy year for Hibernian. Following the completion of our joint venture with AIB we brought staff from both Hibernian and Ark Life together into our new city centre offices We also successfully launched new product into the bank channel, and strong sales indicate that we are fulfilling customer demand.”