Strong sales of Government-sponsored Special Savings Incentive Accounts underpinned growth at Friends First last year. The life firm saw regular savings, including SSIAs, jump to €20.1 million from €8.63 million a year earlier.Strong sales of Government-sponsored Special Savings Incentive Accounts underpinned growth at Friends First last year. The life firm saw regular savings, including SSIAs, jump to €20.1 million from €8.63 million a year earlier.
Overall, company sales rose by 12 per cent on an annual premium equivalent (APE) basis - all regular premiums plus one-tenth of single premiums - to €91.4 million. The performance helped Friends First increase market share in the first half of the year to 6.5 per cent from just over 6 per cent at the start of 2002.
Group chief executive Mr Adrian Hegarty welcomed the figures. "We continued to grow our business in a climate of market uncertainty," he said, adding that he was confident the firm would take an even larger share of the life market in 2003.
Sales of Friends First SSIA products through First Active and An Post's One Direct outlet were strong.
A spokesman for the group said that, given the impact of SSIA sales on other areas of the life market, it was particularly pleased to have recorded an 19 per cent gain in income-protection business to €1.18 million.
Single premium income for the year fell by almost 8 per cent to €340 million, buoyed only by a 9 per cent rise in pensions business. By contrast, pension regular sales income fell, albeit fractionally.
On an annual premium equivalent basis, pensions sales were ahead 2.7 per cent on €44.6 million. Life sales were 22.4 per cent stronger at €46.7 million on the same basis.
