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Zurich Life Ireland reports 6% increase in new business

By : irishtimes.com|Updated: 2010-11-09

The Irish arm of Swiss insurance group Zurich Financial Services enjoyed a 6 percent rise in new business during the first nine months of the year.

Zurich Life Ireland reported that total new business APE (annual premium equivalent) rose to €129.4 million in the nine months to September 30th, up from €122.5 million a year earlier.

Zurich Life’s total market share grew to 18 per cent during the nine-month period, an increase of 2 per cent.

The company’s single premium pensions business was particularly strong, increasing by 44 per cent to €526.9 million.

Zurich’s European Manufacturing Hub, which was established in Ireland last year, is now fully operational and delivered cross-Border new business APE of €62.6 million, up from €9.2 million in 2009. Paul Haran, head of the European hub, said that the investment products, developed in Ireland and launched into the UK, Germany and Italy, have been “great successes”.

New role for Ericsson director

The managing director of Ericsson in Ireland, John Hennessy, is to step down at the end of the month.

Mr Hennessy was appointed country manager of the Irish operations of Ericsson in 2003 and has worked with the Swedish telecoms equipment maker for 37 years.

He is to be replaced by Michael Gallagher, a senior executive with Ericsson’s research and development facility in Ireland. Mr Gallagher has worked for the company in Canada and Sweden.

Mr Hennessy will be appointed chairman of Ericsson’s Irish operation in January. His duties will include relations with the Government and government agencies, relevant industry bodies and the Telecommunications Regulator.

Obama defends Fed policy on US dollar

US president Barack Obama has defended the Federal Reserve’s policy of printing dollars after China and Russia stepped up criticism ahead of this week’s Group of 20 meeting.

The G20 summit has been pitched as a chance for leaders of the countries that account for 85 per cent of world output to prevent a currency row escalating into a rush to protectionism.

However there is little sign of consensus.

The summit has been overshadowed by disagreements over the US Federal Reserve’s quantitative easing policy under which it will print money to buy $600 billion of government bonds. The move could depress the dollar and cause a destabilising flow of money into emerging economies.