Lifetime reports 5% increase in business for year

Bank of Ireland-owned Lifetime Assurance has reported a 25 per cent rise in business for 1997. Figures for the year show a rise in single or lump sum premium income from £49 million to £80 million. Annual or regular premiums increased to £24.3 million from £21.2 million.

On the industry annual premium equivalent measure (APE) - regular premiums plus 10 per cent of lump sum payments - business increased by 25 per cent.

Pension business accounted for most of the increases in regular premium income in 1997. Pensions accounted for £7.9 million of the regular or annual premium income, up 55 per cent on the 1996 figure. The balance of the regular premium income came from savings and protection business which was marginally ahead at £16.3 million from £16 million. Savings contributed about £11 million in each year while premiums from protection policies was up from £4.8 million to £15.3 million.

Savings and investments accounted for most of the growth in single premium income. Pension lump sum payments doubled to £6 million but lump sum payments for savings and protection policies rose to £74 million from £46 million. The 60 per cent jump in investment premiums reflected the strong response to the three tracker bonds introduced during the year.

Overall, Lifetime expects to have retained its fourth position in the Irish life assurance market this year after Irish Life, New Ireland and Ark Life, according to head of marketing Mr Quentin Teggin. Following a restructuring the company, whose salesforce sells through the Bank of Ireland branch network, now employs 300 people. Managing director Mr Roy Keenan said the results in its tenth year of operation reflected the restructuring of the business to provide products that appealed to customers.