Ark Life stays afloat after tough year

LIFE assurance and pensions provider Ark Life had a tougher year in 2002, impacted by the introduction of the Special Saving Incentive Accounts in February, 2001 which remained open to end April, 2002.

Billy Finn, managing director of Ark Life, an AIB subsidiary, described 2002 as a "challenging year" for the industry.

The beginning of the year was dominated by the close of the SSIA campaign, he said. As a result Ark Life's new savings in 2002 were down on 2001 and that was the main reason business declined in the year under review.