Hibernian sales boosted by €146.7m

SALES at Hibernian Life rose by 17% to €146.7 million last year, as its market share increased by 6%.

The company grew its market share from 10% to 16% through the acquisition of AIB’s life insurance subsidiary Ark Life, according to the company’s new business results released yesterday.

Life single premium sales rose 152% to €199m and new single premium pension sales climbed 57% to €344m.

Total pension sales at Ark Life rose 19% to €51.4m.

Total sales on an annual premium equivalent (APE) basis, which is the standard industry measure, for the combined entities last year were €254.3m.

Regular premium saving sales increased 71% to €12.5m, which, according to the company, was boosted by the launch of the VIP savings plan and increased SSIA contributions.

On an APE basis, Ark Life’s total sales were €107.6m, an increase of 7% on the 2004 figure.

Hibernian Life and Pensions managing director Tony O’Riordan said: “These results, together with the recent completion of the joint venture with AIB, provide an excellent platform for growth for our business and consolidate Hibernian’s position as one of the major players in the life and pensions market.”

The joint venture complements our highly successful intermediary distribution network, through providing access to AIB’s bank distribution channel.”

He added that the increased scale will give the company the ability to develop attractive product choice and investment fund options for customers and distribution partners.

“I am excited by the opportunities this joint venture brings and look forward to a very positive future for our business,” he said.