Life assurer Friends First has reported a 46 per cent rise in annual premium equivalent income (APE) to £23.05 million for the first half of 1997. APE is the industry measure for premium growth made up of annual premium income plus 10 per cent of single premium income.

Growth was dominated by a strong rise in single premium income - or once-off lump-sum payments - which jumped by 68 per cent to £137 million. Annual or regular premium income was 22 per cent ahead at £9.33 million.

In the single premium category, pension payments doubled to £98 million while payments for life assurance policies were 14 per cent higher at £39 million.

The rise in annual premiums was made up of an 18 per cent increase to £6.58 million for pension policies and a 34 per cent rise to £2.75 million in premiums for life assurance policies.

The life company is part of the Friends First Group which employs 600 people in offices in Dublin, Cork, Galway, Limerick and Waterford.