Life and pensions company, Canada Life, said yesterday that sales in the Irish market grew strongly during the first quarter, but it did not reveal specific figures.

The company said that sales of regular premium products were up 22 per cent in the first quarter of 2005.

It added that pensions growth in particular was very strong during the period.

Overall sales growth was driven primarily by continuing demand for pension-backed investment products, Canada Life said.

Its total business in the first quarter was up 16 per cent on the corresponding period in 2004. Estimated market growth in the Republic during the first three months of this year was 5 per cent.

Canada Life is the Irish subsidiary of Great West, Canada's biggest life assurer. Its Dublin headquarters is also the head office for Great West's German operation. It has 240,000 policyholders in the Republic and employs over 500 people.