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.
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