THE IRISH operation of Swiss financial services group Zurich Life increased its market share to 18 per cent last year, while doubling cross-Border sales.

Zurich Life Ireland outperformed the market, developing new business annual premium equivalent (APE) by 1 per cent to just under €78 million. This compared to an average market fall of 6 per cent.

Within new business, sales of life products increased by 16 per cent to €38.7 million.

However, new pension sales dipped 3 per cent to €139.1 million, while the overall market fell 10 per cent.

Chief executive Anthony Brennan said economic conditions hit the pensions market last year, but that December saw a post-budget pick-up in activity.

Individuals who could afford to do so brought forward their pension contributions in an effort to avoid the impact of unfavourable changes that came into force in January.

Zurich enjoyed continued strength in sales of personal retirement savings accounts (PRSAs), with annual premium PRSA new business up 6 per cent at €22.7million.

Mr Brennan also called for a reversal of the change to the PRSA regime in the budget which, he said, was probably unintentional.

Employer contributions to PRSAs are now subject to the new universal social charge and PRSI, according to Brendan Johnston, pensions director at Zurich Life.

“This treatment undermines the provision of straightforward pensions to all workers and it should be a priority for a new administration to make the treatment consistent with trust-based occupational schemes,” Mr Johnston said.

Zurich’s European Manufacturing Hub, which was established in Ireland in 2009 and develops products in Dublin for the British, Italian, German and Swedish markets, saw total new business more than double to €82.3 million last year.