New Ireland Assurance Company has reported strong financial and operating results in the first half of 2011.
New business sales for the Company have increased by 19% which is well ahead of a general rise of 3% across the market. The Company’s market share has increased to over 22%.
The Company has attributed this strong performance in particular to the strength of its investment fund offering. New Ireland, in conjunction with its global investment partners State Street Global Advisors and Bank of New York Mellon, has issued a range of new funds to the Irish market. “These new funds focus on the management of investment risk and have found a ready audience with our customers in the current very volatile investment climate” said Sean Casey, Managing Director of the Company.
In addition, product innovation in the protection market with the launch of New Ireland’s Life Choice product has seen the Company increase its protection business market share to 25%. “The independent intermediary market has responded to the unique new features which this product offers with a significant increase in new sales against the backdrop of a falling protection market” he said. “We are very pleased that the feedback from our customers to our extended range of protection benefits has been so positive”.
The Company IFRS operating profits in the first 6 months of 2011 rose by 11% to €40 million.