New business sales at Eagle Star Life grew by 37% in 2006, with total sales rising to €168m , when measured on an annual premium equivalent (APE) basis.
New pensions business increased 29% to €109m, while new life business increased 50.9% to €59.5m. The figures are measured on an annual premium equivalent (APE) basis, which is 10% of the value of new single premium sales added to the value of regular premium sales.
Eagle Star Life CEO Michael Brennan said : 'Particularly welcome was our success in extending our strong pension brand further into the high net worth life single premium investment market'.
New single premium investment business increased by 133.2% to €309.3m.
Pensions Director, Brendan Johnston, said economic buoyancy means Eagle Star is attracting increasingly large volumes of pensions business including PRSAs, and SSIA monies are being invested.
On pensions, he said hopefully the government will increase pensions coverage by taking advantage of the recent wave of wealth.
He added that Eagle Star does not support compulsory pensions, instead it supports the concept of automatic enrolment of employees into pension arrangements with a subsequent opt-out provision.
'There is clear evidence that this substantially increases coverage, especially among people traditionally excluded from pensions provision,' he said.
