ZURICH LIFE Assurance said it increased market share by 19 per cent and outperformed the Irish market during 2009, in an upbeat statement yesterday.
The company said it plans to create jobs at its European Manufacturing Hub in Ireland this year.
The Irish business outperformed the market average, recording new business average premium equivalent of €193.4 million. This was 11 per cent down on 2008’s €218.5 million. However, the Irish insurance market fell 26 per cent over the same period.
In contrast, British insurer Aviva reported weaker 2009 life sales, and said its general insurance arm had been hit by weather claims from Ireland and Britain in the final quarter.
The company had 2009 life and pensions sales of £32 billion, down 12 per cent from £36.24 billion the previous year. Analysts had expected sales of £31.3 billion.
In Ireland, life and pensions sales for the year were over £1 billion, 17 per cent down in sterling terms on 2008, and a decline of 25 per cent in euro.
Zurich showed some strength in the pension market and in particular personal retirement savings accounts (PRSAs). PRSA single premium business more than doubled from €72.9 million to €155.1 million. New business also rose in individual protection, including life and serious illness cover, which increased 4 per cent to €22.5 million from €21.6 million previously. Zurich said a 15 per cent fall across the Irish insurance market led to a 22 per cent increase in its market share to 17 per cent. Zurich Life, which established its European Manufacturing Hub in Ireland last year to develop cross-Border business, said it plans to create an additional 30 jobs this year, bringing to 60 the number of new posts since its establishment. The unit increased cross-Border business significantly, it said, from €3.9 million in 2008 to €28.8 million last year.
