Royal Liver Assurance, which has 90,000 members in Ireland, has reported a 17 per cent rise in new business premiums to £114 million (€160 million) last year.

Addressing shareholders at its annual general meeting in Waterford yesterday, the group's national sales and marketing manager in Ireland, Mr John Walsh, said its performance was encouraging given the weak equity markets but that it would continue to streamline its business to reduce costs.

In 2002, its performance was boosted by the Government-backed Special Savings Incentive Account scheme (SSIA) as well as a reduction in total management expenses and tighter operational controls. "A key focus for Royal Liver in Ireland in 2002 was the realignment of, and investment in, the sales and collections infrastructure," Mr Walsh said.

During the year the group established two new divisions - a home service business unit and a direct sales business unit to serve its customer base.