The life and pensions group Hibernian saw a sharp decline in its new business last year which can largely be attributed to the absence of Special Savings Incentive Account (SSIA) business that accounted for nearly €40 million in 2002.
New business fell to €115.4 million compared with €162.3 million the previous year, according to figures released this morning. The 2002 figure included €38.8 million generated as a result of the SSIA.
The company also blamed tough market conditions for the drop in new business.
There was better news for Hibernian's single-premium pension business, which grew 14 per cent to €198 million. The company's protection business climbed by €33 million and now stands at €19.9 million. Annual premium pension sales also rose to €65.6 million.
