Hibernian Group has today announced new business results for the year ending 31 December 2007 for its Life and Pensions business. The results mark the completion of the second year of trading for Hibernian Life Holdings, the joint venture with Allied Irish Banks (AIB) that merged AIB’s Arklife with Hibernian Life and Pensions.
Market share for Hibernian Life Holdings grew from 16.7% to 17.3% excluding investment only business. Total sales on an annual premium equivalent basis were up 28% to €359.5 (2006: €281.2).
Pension single premium sales were up 47% to €645.7m across both channels buoyed by the launch of a number of new funds, strong performance of existing funds and SSIA saving windfalls. The High Yield Equity and European Commercial Property funds sold particularly well and the Secure Capital Fund also proved to be very popular for investors seeking exposure to equities and property with a capital guarantee.
Stuart Purdy, Group Chief Executive, Hibernian said: “These results clearly show the powerful impact that the combination of AIB and Hibernian’s life and pensions companies has had. The successful integration of these two organisations, the full leverage of AIB’s powerful distribution network and the enhanced product range is obviously appealing to customers. Hibernian is well placed for 2008 as we build our business based on service excellence for customers and increased choice in funds.”
Dermot Browne, Managing Director, Hibernian Life Holdings said: “A number of factors were prominent in our success during 2007 where the market as a whole saw a strong first half performance and a more moderate performance in the second half. Key to our success is delivering what customers want.
A combination of factors – excellent products, quality service and an enhanced fund range - has helped us to deliver profitable growth and provides a platform for further growth in the years ahead.”