Zurich Life Assurance Ireland today reported a 35% increase in its business operating profit for the first six months of the year.
The Irish unit of Swiss firm Zurich Insurance also announced a 13% increase in new business annual premium equivalent compared to the same time last year.
Anthony Brennan, the chief executive of Zurich Life, said the life market recovered some ground this year after the severe business decreases over the last few years.
He said this reflected the improving consumer sentiment, which started to improve in the second half of last year.
''The pensions landscape in Ireland is undergoing significant change, with many pension schemes restructuring and moving away from traditional Defined Benefit arrangements. In this environment, it is vital that the Government continues to support and encourage pension savings to avoid a future pension crisis for the current Irish workforce,'' Mr Brennan cautioned.
The company's Swiss parent said its net profit fell nearly 30% in the second quarter, more than expected, and it viewed its targets for General Insurance and Farmers as more "challenging".
The insurer posted a net profit of $789m for the second quarter of the year, weighed by more natural catastrophes in the three month period including flooding in Europe and tornadoes in the US.
It also sounded a cautious outlook about reaching its targets for the full year.
