Life and pensions group Hibernian has reported a sharp fall in new business last year to €115.4m, compared with €162.3m in 2002. The 2002 figure included €38.8m of SSIA business.
The company said market conditions were tough last year, with continuing stock market uncertainty hitting single premium investment sales, which plunged from €249.2m to €73.9m.
But Hibernian's single premium pension business grew by 14% to €198m. Its protection business rose by 33% to €19.9m.
Annual premium pension sales rose slightly to €65.6m. Hibernian said personal pension contributions were hit as some business switched to PRSAs after their introduction in April.
Hibernian's life and pensions manager Grant Barrans told RTE radio that PRSAs were not addressing the main problem with pensions, suggesting that a 'degree of compulsion' may be needed to force people to think about pensions earlier.
