Life assurer Standard Life says income from its Irish operations for the financial year up to mid-November was down 20% on the same period last year. The company employs 250 people here.
The company is planning a €30m capital investment in IT infrastructure and product development in Ireland over the next two years.
Standard Life reported annual premium equivalent of €60m in what it called difficult market conditions. But it said take-up of PRSA products by the self-employed was encouraging.
Annual premium business dropped 12% to €34m. There was a 29% fall in single premium investments to €259m, with Standard Life saying its decision not to offer a product containing cast-iron guarantees had made it difficult to record growth.
The company's sales and marketing director Nigel Dunne warned that such guarantees were 'extremely expensive to provide', adding that he did not believe consumers fully appreciated the drag on performance that was inevitable with such products.
