Sales of single premium life products at Hibernian more than halved to £157 million sterling last year from the year previous due to "investors' caution" towards unit-linked and with-profit bond investments.
A statement issued this morning by Aviva, the company's parent company, said total sales fell to £343 million from £523 million in 2001 in what the company called difficult investment conditions.
However, SSIA sales boosted regular premium life and savings sales by 59 per cent to £35 million, although the predicted fall in both life and pensions single-premium business can be attributed in part to the scheme, which sucked excess cash out of the economy, the company said.
Despite this cash drain Hibernian also saw good levels of growth in annual premium pension business, which increased by 21 per cent on 2001 figures to £64.5 million.
Overall, Hibernian said this morning, the company has managed to hold sales steady.