FRIENDS Provident expects to rise from ninth to seventh place in the league table of life assurers following a strong sales performance in 1996.
New annual premium income rose by 24 per cent to £12.34 million, while single premium income was 75 per cent ahead at £67.5 million. Overall, the annualpremium equivalent (APE, which is made up of new annual premiums plus 10 per cent of single premium income) rose by 38.3 per cent to £19.1 million.
On pension business, annual premiums increased by 28 per cent to £8.6 million, while single pension premiums were 32 per cent higher at £39.3 million. Single premium life business jumped from £8.7 million to £28.3 million.
The managing director of Eureko Ireland - the parent company of Friends Provident - Mr Adrian Hegarty, said there was a high reinvestment rate from a five year with profit bond, offering a 46 per cent return over five years which matured this year.
In the current year the Eureko group of companies - Friends Provident life companies and the Celtic Direct general insurance business - aims to expand by acquisition and merger.
