Life assurance and pensions company Canada Life has reported a strong increase in business over the second half of last year, with sales of €45.1 million representing an increase of 45 per cent over the first six months of the year.

Canada Life is hailing its second-half performance as a sign that it has recovered its market position following its sale to Canadian life assurance company Great West in 2003.

Sales of regular premium products were up 47 per cent on the first half of the year, while sales of single premium products were up 40 per cent.

The sales figures were measured by annual premium equivalent (APE), where 10 per cent of the value of new single premium sales is added to the value of regular premium sales.

A spokesman for Canada Life said the appointment of Mr Eunan O'Carroll as executive director of sales and marketing in September had led to the restructuring and strengthening of the company's sales force, with the appointment of six senior marketing and technical managers.

Canada Life chief executive Mr Tom Barry said the new appointments demonstrated the company's commitment to the Irish market, adding that Canada Life felt it was well-positioned to successfully execute an aggressive growth strategy this year.

During 2004 Canada Life also launched new self-directed pensions and geared pension-backed property investments.

It is predicting annual growth for 2005 of at least 12 per cent in the overall life and pensions market. Additional Voluntary Contributions (AVCs) to Personal Retirement Savings Accounts (PRSAs) have been singled out as a potentially strong product.

Canada Life employs more than 500 people in Ireland and has 240,000 policyholders.