Zurich plans new jobs for Ireland

Zurich Life Assurance said it had increased market share by 19 per cent uin 2009, and outperformed the Irish market during the year, in an upbeat statement today.

The company said it also plans to create new jobs at its European Manufacturing Hub, based 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.

The company also showed some strength in pension market share and in particular personal retirement savings accounts (PRSAs), where PRSA single premium business more than doubled from €72.9 million to €155.1 million. The company claims to hold a 39 per cent share of the PRSA market, up 10 per cent from the previous year. Zurich's single premium pensions business increased by 34 per cent.

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 life products, said it plans to create an additional 30 jobs this year, bringing to 60 the number of new roles since its establishment. The unit has increased new cross border new business significantly, it said, from €3.9 million in 2008 to €28.8 million last year.

Chief executive of Zurich Life Anthony Brennan warned of further challenges but remained upbeat.

"The economic background remains difficult so 2010 will undoubtedly be another challenging year for our industry; however I am confident that our strong partnership with independent intermediaries, investment performance record and continued financial strength will put us in the best possible position to continue to outperform,” he said.

In January, Zurich Financial Services said it was transferring the majority of its general insurance portfolios in Italy, Portugal and Spain to local branches of Zurich Insurance plc Ireland, and a similar transfer is planned for Zurich's general insurance business in Germany later this year. The move is part of the company's bid to simplify its legal structure.