New business growth was flat at Hibernian Life and Pensions last year, as mixed market conditions affected investor behaviour.

Hibernian has reported new business sales of £103 million sterling (€155 million) for the year, up from £102 million in 2001.

The firm received a particular boost from the Government-sponsored Special Savings Incentive Scheme, which contributed £23 million in one-off sales. It sold about 30,000 SSIAs before the scheme closed last April, with about one-third of all accounts opened in the scheme's final weeks. This surge accounted for much of the 59 per cent growth recorded in its sales of regular premium life and savings products last year.

New protection business was also a strong performer, however, growing by 60 per cent to reach £10 million.

Hibernian's managing director, Mr Grant Barrans, was "quite pleased" with the results in the context of last year's economic uncertainty and stock-market upheaval.

He said the firm had been operating in an environment where investment decisions had been postponed, attributing a 52 per cent drop in lump-sum sales to negative perceptions on unit-linked and with-profit products.

Reflecting this, total sales at the firm fell from £523 million to £343 million, a drop which Hibernian said was in line with the overall market.