ZURICH (EAGLE Star Life), the State's fourth largest life and pensions company, posted a 8 per cent drop in new pension sales in the first nine months of the year, outperforming a decline of 28 per cent across the pensions market.
The company said the annual premium equivalent value of new business - the benchmark measurement used to gauge activity in the industry - fell to €143.4 million in the nine months from €155.8 million in the same period last year.
The decrease has been attributed to a fall in demand for single-premium (lump sum) savings products which reflects consumer uncertainty in financial markets.
Zurich's chief executive Michael Brennan said the insurer's rebranding from Eagle Star Life through a high-profile advertising campaign had raised awareness of the brand and the company was viewed by customers as having "financial strength" with "no liquidity exposure".
Zurich reported new sales in annual premium pensions of €75.1 million in the nine months, an increase of 21 per cent on last year, and a 1 per cent increase in sales of new single-premium pensions to €403.6 million against a drop of 32 per cent across the market.
PRSA business grew 8 per cent against a market decline of 9 per cent as Zurich increased its market share to 29 per cent.
Total new business, including savings and protection, rose 1 per cent in the third-quarter of the year.
This is against a market decline of 22 per cent in the same period.
Stephen Lyons, analyst with Davy stockbrokers, said Zurich's performance in the nine-month period showed a "resilient performance" given that Irish Life said in a trading statement on Wednesday that life sales would be down 20-25 per cent this year.
