Standard Life's Irish new pensions business grew by 27 per cent to £16.7 million for the financial year, the company said yesterday. This was made up of a 20 per cent increase in regular premium income, to £11.9 million, and a 49 per cent jump in single premium income, to £47.2 million, according to the firm.

Annual premium income from company pensions increased by 31 per cent on the previous year to £7.2 million, the company added, while single premiums in this area rose 33 per cent to £7.3 million. Annual premium income in personal pensions was up slightly, to £2.4 million from £2.2 million, and single premium income in this area rose to £6.2 million from £4.8 million.

"This has been a very good year indeed," said Mr Alan Ashe, the firm's general manager."

"We are now firmly established as a fully autonomous operation within the Standard Life worldwide group. This gives us an independence in tailoring our products and services to our marketplace, while at the same time giving us all the advantages of being part of a strong international player," Mr Ashe said.