Take-up of the Government's special savings scheme (SSIA) has helped prop up an otherwise difficult year for AIB's life assurance arm Ark Life.
New regular premium business was up 29% to 130.3 million euro, boosted by over 68 million euro invested in the SSIA.
But a difficult year for investment markets saw customers less willing to invest one-off lump sums, with new single premium business down 3% at 530 million euro.
Ark Life managing director Billy Finn said the hit to investor confidence after September 11 had noticeable impact on the level of investment.
Ark Life has nearly 28,000 customers signed up for its equity based SSIA schemes. The average investment is 210 euro per month, and the average age of investors is 42.
Savers of all ages appear willing to join the scheme with under 30s making up 21% of Ark Life's SSIA customers. Finn says he expects a rush of people joining the SSIA in the run up to the April cut off date, and hopes to see over 50,000 new customers in the next four months.
Finn said the traditional savings market had dried up as investors switched into more attractive SSIAs.
On the pensions side of the business, Ark Life reported new regular premiums up 12% to 30.9 million euro.
