Sales of single premiums increased by 122% to £97m (€143m), up from £43m (€63m). Pension sales were 38% higher at £132m (€194m) from the figure of £97m (€143m) in the first quarter of 2004.

The insurer said that new regular premium pension sales were flat as customers and brokers continued to look for single premium products.

Hibernian said its life sales increased 35% to £53m (€78m) from £40m (€59m) and benefited from the guaranteed fund launched in late 2004, including a five-year capital guarantee.

New business contribution in the first three months of the year was down to £6m (€8.8m) from £7m (€10.3m) the same time last year.

Hibernian's UK parent, Aviva, this morning reported a 17% increase in first quarter sales, on the back of a strong performance in continental Europe.

Aviva - Britain's largest insurer - said sales in the first quarter came to £5.7 billion (€8.39 billlion), compared to 4.8 billion (€7.07 billion) the same time last year. Analysts had been expected an average of £5.285 billion (€7.785 billion).

Aviva said profit contribution from the first quarter sales was up 18% on the same time in 2004 and the profit margin was 3.5%, up from 3.4%.

The company reported the sales and margins on a new PVNBP basis, which is designed to give investors a more realistic picture of the future profit streams coming from policies sold.

The Hibernian Group is one of Ireland's largest financial organisations, with activities spanning general insurance, risk management, pensions, life assurance, investment management and personal financial services.

As a part of the AVIVA Group, Hibernian is backed by one of the world's largest insurance organisations. AVIVA has operations in over fifty countries worldwide and funds under management of over €300 billion.