Zurich Life Assurance’s Irish new business fell by 11% to €83.8m for the first six months of 2011.
Zurich Life Assurance’s Irish new business fell by 11% to €83.8m for the first six months of 2011 compared with a 3% rise in the overall market.
Life new business annual premium equivalent (APE) was down marginally at €19.8m – this includes new business from protection, regular premium savings and single premium investments.
Zurich said that its pensions new business APE was down 14% to €64m. However it also reported a strong performance in single premium lift business.
Zurich Life Assurance Ireland CEO Anthony Brennan said the company is competing in a tough market in Ireland. ‘A number of competitors attached to banks are being prepared for sale and this is driving aggressive pricing for new business,’ he stated.
He said that the life market in undergoing significant challenges with regular premium sales slowing across the market, and especially in pensions.
He said this was down to the weakness in the economy, the introduction of the pension levy and the continued speculation about future tax relief.
‘If we are to avoid a future pensions crisis and encourage a pensions savings habit, it will be vital that the government continues to provide an incentive for all workers to save for their retirement’, he warned.
Wow, that’s a very nice read!
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