Zurich Ireland outperforms market despite slump in new Life Insurance business
20 August 2008

Written by Sophie Baker

The Irish branch of Zurich (Eagle Star Life) has revealed that for the six months ending June 2008 it has outperformed the market, with Pensions Annual Premium new business of €47.4 million.

The same period in 2007 saw figures of €42.8 million, 11 per cent less than the current situation. This outperformed the market average of zero per cent for regular premium business.

Similarly, the company’s Pensions Single Premium new business figures were unchanged at €249.9 million against a market decline of 41 per cent, and PRSA business was up by 14 per cent, increasing market share to 28 per cent.

However, Zurich (Eagle Star Life) Life Insurance in Ireland recorded new business APE (annual premium equivalent) of €92.4 million, which although outperformed the rest of the market, was down 12 per cent from the €1-5.2 million in the first half of 2007.

“We have significantly outperformed our competitors in the first half of 2008 in an increasingly difficult economic and market environment,” commented Michael Brennan, CEO.

Brennan believes the financial strength seen in the company is increasingly important, and Eagle Star Life expects “to benefit further from our move to the Zurich Brand.”