Zurich's Irish life insurance arm suffers 42pc profit fall
ZURICH's Irish life insurance business suffered a 42pc fall in operating profits in the first half of the year as premium income dipped some 4pc, new figures revealed yesterday.
The news came a day after Bank of Ireland reported a 19pc rise in its new premiums for the first six months, against a 3pc rise across the market.
The Bank of Ireland and market data is based on the industry benchmark for new business sales dubbed 'APE', which takes all regular premium income for a given period plus 10pc of all single premium sales.
Zurich's APE has seen stellar growth in recent years, but the only data available yesterday was on the total premiums received from new and existing business, which came in at $235m (€166m) for the half-year. Sources stressed that new business figures and total premium could move in opposite directions. Zurich Ireland's new business figures will be released next week.
Zurich Ireland's operating profit for the period came in at €15m, down from €26m a year earlier, as administrative and operating expenses soared from €29m to €71m.