New business at the Irish arm of Swiss financial services company Zurich dipped 11 per cent to €83.8 million in the first six months of the year.

This is compared to a 3 per cent rise in the overall market.

New pension sales were very weak, with new business annual premium equivalent declining 14 per cent to €64 million. New sales of life products were slightly lower at €19.8 million. Chief executive Anthony Brennan described the Irish market as “tough” and said a number of Zurich Life’s competitors attached to banks were being prepared for sale, which was driving “aggressive pricing” for new business.