Bank of Ireland's life assurance division, which includes New Ireland, has reported a 17 per cent rise in new business sales to €280 million in 2002.
The bank has claimed strong growth in the pensions market with regular premium business up 36 per cent to €100 million last year. Single premium pension sales were up by 55 per cent to €198 million.
Sales of regular premium investment products, which included the Government-backed Special Savings Incentive Accounts (SSIA), rose by 22 per cent to €100 million.
The bank also recorded an 11 per cent increase in the sale of insurance protection products to €27 million during last year.
Sales of single premium unit- linked investment plans were hit by the weak international stock markets, with sales down 29 per cent to €329 million. Sales of its combination equity bond were up 86 per cent to €171 million.
Commenting on the performance yesterday, Bank of Ireland's life managing director, Mr Brian Forrester, said the disappointing performance of equity-linked investments was understandable given the current uncertainties and suggested that the market would recover this year.
The SSIA scheme has taken large amounts of savings out of the economy, which will affect regular premium sales in the years ahead.
"However, there is latent savings potential above and beyond SSIA limits in the marketplace and with deposit interest rates so low, this market offers good potential," Mr Forrester said.
