New business sales at Bank of Ireland's life and pensions subsidiary increased 26 per cent last year to €441 million, with the company attributing the rise in sales to strong growth in its lump-sum investment business.

Single premium investment sales at Bank of Ireland Life jumped 73 per cent to €1.55 billion. Regular savings products, excluding Special Savings Incentive Accounts (SSIAs), were up 50 per cent to €22.3 million, while single premium pensions increased 22 per cent to €488 million.

Overall, regular premium business grew 8 per cent to €238 million, while total single premium business - both investments and pensions - increased 57 per cent to €204 million.

Bank of Ireland Life managing director Brian Forrester said the growth in its regular savings business was testament to a savings ratio in the Republic of about 10 per cent, one of the highest in Europe.