Gross premiums for life assurance written in Ireland for insurance companies in 2002 amounted to €14.8 billion, according to figures published this morning in the insurance industry annual report for 2002.
This represented an 8.8 per cent increase on the 2001 figures.
The Blue Book showed that total gross new business premiums amounted to €11.3 billion, compared to €11.2 billion in 2001. Total net premium incomes in respect of Irish risk business amounted to €8.4 billion, compared to €7.12 billion in 2001, an increase of 18 per cent.
This increase is probably attributable to investments in Special Savings Investment Accounts, the report says.
Net premium income in 2002 was €4.531 billion, composed of €3.216 billion for Irish risk and €1.315 billion for foreign risk. This follows a 14 per cent improvement in 2001 on the previous year's result.
The net underwriting result for Irish risk business showed an 89 per cent improvement on the 2001 figure with a loss of €42 million.
Of this, Irish authorised companies achieved an underwriting profit of €25 million while branches of companies regulated in other jurisdictions made a loss of €67 million.
Total income in 2002 from investments attributable to the underwriting account fell 15 per cent to € 268 million.