Total sales at Hibernian Life & Pensions rose to £31m sterling in the first three months of the year, according to figures from its British parent company CGNU. This is 29% ahead of the same period last year.
Total new business sales dropped 2%, however, to £116m. New single premium pension sales grew by 33% to £32m, but sales of regular premium pensions were flat at £12m.
Life single premium sales fell by over 25% to £62m, as demand for unit-linked bonds dropped amid market uncertainty. The Government's special savings scheme boosted sales of regular premium life products, which jumped fivefold to £10m. Total new business contribution was up from £6m to £9m.
* Shares in CGNU tumbled after Britain's biggest insurer fell behind rivals with disappointing 10% growth in first quarter life and pension sales and declining margins.
CGNU reported total sales of long-term savings products at £629m sterling, at the lower end of expectations.
