CONCENTRATION on pension and protection products at Hibernian Life resulted in a 10 per cent rise in annual premium income to £11.06 million last year.
But single premium income at the life assurance company fell by 31 per cent to £24.31 million, despite taking £9.6 million in existing pension business from other life companies.
Hibernian Group chief executive Mr Adrian Daly said the latest results reflected a change of focus by the company three years ago.
"Our strategy has been to shift emphasis from life savings towards pension and protection in order to increase the quality and the profitability of our businesses." During the year, Hibernian scaled back its business with tied agents which was largely life savings business, he said.
Mr Daly said he was satisfied with the results in "a very competitive and difficult market environment as evidenced by the flat market growth reported at the half year stage" of the figures.
A breakdown shows strong growth in pension business, both annual premium and single premiums. Annual premiums increased by 50 per cent to £6.48 million while single pension premiums or once off lump sum payment into a pension plan rose by 34 per cent to £16.92 million.
There was a 20 per cent drop in annual premiums from savings products to £4.58 million while single premiums from savings products fell by 67 per cent 10 £7.39 million.
Some £9.6 million of the single premium pension business of £16.92 million was made up of existing pensions business taken from other life assurers.
Innovative pension and protection products, based on customer research, would continued to account for business growth, he said.
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