Norwich Union said it enjoyed "excellent growth" in new business in the Republic in the first nine months of the year with annual premium equivalent up by 59 per cent in local currency terms to £27 million sterling (€41.7 million).

The annual premium equivalent - used in the industry to calculate sales of life, pensions and investment products - includes all of a company's sales of regular premium products plus 10 per cent of lump-sum or single premium product sales.

The company said regular premium sales in the Republic rose by 15 per cent to £15 million from £13 million in the first nine months of 1998 while single premium sales more than doubled to £123 million from £52 million.