Zurich Life's Irish new business grew by 1% to reach €177.9m for the year ending December in what the company called a competitive market.
Zurich said its life new business rose by 16% to €38.7 which saw it increase its overall life market share to 13%, up 1% from the 2009 level. Life business includes protection, regular premium savings and single premium investments.
The company outperformed an overall market fall of 10% for new pensions business as its new pensions business was down 3% to €139.1m. It increased its market share to 19%.
Zurich said its European manufacturing hub, created in Ireland in 2009, is delivering significant cross border new business growth from products produced in Ireland and launched in the UK, Italian and German markets.
'While we outperformed the market average again in 2010, the trend in the Ireland life market over the last six months has been on of overall decline in sales, with the exception of a spike in pensions business linked to the December Budget announcements,' commented Anthony Brennan, CEO Ireland, Zurich Life Assurance.
He said he expects 2011 to be a very challenging year for the industry with sales under pressure and margins being squeezed.
