Strong premiums growth at Lifetime
LIFETIME Assurance, Bank of Ireland's life assurance and pensions arm, has recorded strong growth in 1996. Total annual premiums grew by 55 per cent to £21.5 million while single premium sales doubled to £53.9 million.
Mr Ruairi O'Floinn, managing director, said the company's customers had responded very well to the new and more transparent savings and pensions products which It had introduced. "We have removed front end loading of charges, given customers better value and increase flexibility. The market has reated in the manner we would have hoped," he said.
A breakdown of annual premiums showed a 170 per cent rise in savings products to £11.5 million, and a 24 Per cent gain in pensions to £5.1 million. There was n 13 per cent contraction, to £4.9 million in protection assurance.
A breakdown of single premiums shows an 82 per cent rise in unit linked to £33.6 million, a 354 per cent gain to £15 million in guaranteed products and an 87 per cent increase to £3 million in pensions.