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Strong new pension business at Hibernian

Pensions and assurance group Hibernian has shown strong growth in new pension business last year.

New annual premium pension sales rose 36% to £37.3 million whilst single premium pensions were up 58% to £85.1 million.

Growth on the investment side was less strong with single premium business up 7% to £408.4 million, and regular premiums up marginally to £16.3 million.

The figures are the first full year figures following the merger of Norwich Union, Hibernian and CGU last year.

Commenting on the results Hibernian's managing director Grant Barrans urged Finance Minister Charlie McCreevy to introduce tax relief on long term saving which he said he was considering in the budget.