New business for Norwich Union in Ireland has soared in the first nine months of the year, according to figures released by the newly-floated parent company in London. This is the first time any Irish insurer has released quarterly new business figures - the trend in the Irish industry is to report new business figures every six months.

The figures reported by Norwich Union are, in fact, understated to the extent that the Irish new business figures were translated into sterling by the parent company at 93.8p for the first nine months of 1997 compared to a conversion rate of 103.3p to pound sterling in the 1996 nine-month period, a 10 per cent differential in the exchange rate.

The most notable increase in Norwich Union's business in Ireland was in the single premium sector which jumped from £13.5 million in the first nine months of 1996 to £59.6 million this year, when the sterling figures are adjusted at the appropriate rates. Regular premium business was up from £10.7 million to £11.7 million on the same basis. Norwich Union Ireland managing director Mr Vincent Sheridan said that the single premium figures were distorted by about £13 million where pension funds which received free shares in the flotation sold them and reinvested in Norwich Union funds.

Even excluding this once-off influx of funds, Norwich Union's single premium business had an excellent first nine months - boosted considerably by the success of its Celebration Bond, which took in over £20 million. "All parts of the business have performed well," said Mr Sheridan.

Overall, Norwich Union worldwide recorded new business growth of 12 per cent, with single premium life and investment business up 21 per cent to £1.6 billion sterling and regular premium business was up 2 per cent to £136 million sterling.