Business Irish

Sunday 22 October 2017

€170m profit for 'robust' Irish Life

Irish Life chief executive David Harney Picture: Andres Poveda
Irish Life chief executive David Harney Picture: Andres Poveda
John Mulligan

John Mulligan

Irish Life made a €170m profit last year for its Canadian owner, Great-West Lifeco.

The Canadian company said the profit was 17pc lower than the €204m Irish Life generated in 2015.

But the company insisted that last year's performance was "ahead of target". Irish Life chief executive David Harney said the 2016 results reflected a "robust and diverse product portfolio".

He said that since Irish Life was acquired, it has strengthened and diversified in key areas.

Last year, Irish Life bought Aviva Health and the 51pc of GloHealth that it didn't already own. That gave Irish Life more than 400,000 health insurance customers.

Irish Life had €78bn of assets under management at the end of 2016, up 22pc from €64bn at the end of 2015.

Irish Life was sold by the State to Great-West Lifeco in 2013 for €1.3bn.

Irish Independent

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