Hibernian records 32 per cent rise in new business

New business sales by Hibernian rose by 32 per cent to £524m for the year 2000 according to compnay figures released today.

The results represent the company's first full year as a member of Britain's CGNU group.

Annual premium pension sales rose 36 per cent to £37.3m compared with £27.3 in 1999. Single premium pensions were up 58 per cent to £85.1m compared with £53.8m in 1999.

Single premium investment rose by £27.3m to £408.4m while regular premium protection and savings increased to £16.3m from £15.7, despite cuts in the cost of term insurance for the period.

Hibernian's managing director, Mr Grant Barrans, said: "2000 was an exceptional year for us with the coming together of three strong companies with substantial market presence, giving us greater market share.

"The newly integrated product range was launched in early October and has market-leading products in all sectors. The growth in business over the year reflects the confidence that our customers have in our approach," he added.

The CGNU group as a whole today unveiled a record level of sales in the UK for the three months to the end of December.

The group, formed by the merger of CGU, Norwich Union and Hibernian last May, said sales in the fourth quarter were up 16% on the combined performance of the businesses during the same period of 1999.

The figure represents the highest recorded for a single quarter.

Additional reporting by PA