Increasing contributions to Special Savings Incentive Accounts (SSIAs) drove Hibernian's life business last year. Customers' top-ups rose from €1.4 million in 2003 to €3.8 million in 2004, accounting for the bulk of the company's 14 per cent increase in sales of regular premium life products.

Stripping out the SSIA factor, regular life sales rose just 3.5 per cent.

Overall, Hibernian Life & Pensions (HL&P) saw a 9 per cent rise in new business. On the basis of annual premium equivalent, the industry standard which measures new regular premium business and 10 per cent of single premium sales, the group attracted new business of €125.6 million, up from €115.4 million.

Managing director Mr Tony O'Riordan described the performance as a "good solid result".

"I am particularly pleased that we have consolidated our position at number three in the Irish life and pensions market."

The company claims a market share of 11 per cent, well behind industry leaders Bank of Ireland, which last week reported a 21 per cent rise in new business in 2004, and Irish Life.

On the pension side, the group recorded 11 per cent growth in single premium sales for the second year in succession, bringing sales to almost €219 million. Regular premium sales rose by a more modest 7 per cent, to €70 million from €65.6 million.

On the life side, single premium sales rose 7 per cent to €78.8 million, against what the company said was a 5 per cent industry decline. Hibernian said sales jumped 127 per cent in the fourth quarter on the year-ago period, growth that it attributed to its new guaranteed fund.

Hibernian, which relies heavily on the broker market, said it would "strongly defend the importance of a robust broker sector" in consultations on broker commissions being held by industry regulator IFSRA. - (Additional reporting, Reuters)