Zurich Life Ireland has reported a strong performance in the first quarter.

New business sales were up 56 per cent year-on-year to €62.9 million. Of this, pensions grew by 61 per cent to €53.2 million, while life business rose 34 per cent to €9.7 million.

Single-premium pensions business surged to €331.9 million, a gain of 170 per cent, which Zurich attributed to greater demand for flexible pension products such as PRSAs and approved retirement funds.

The company said its new cross-Border facility, which was set up last year, was bringing strong growth, with sales increasing to €24.3 million in the first three months of the year from just €600,000 a year earlier.