Canada Life's Irish unit posts loss
CANADA Life's Irish business lurched into a loss last year as the company dealt with what it called an increasingly "challenged" environment and looked for higher-margin business.
According to accounts just filed for Canada Life Assurance (Ireland) Ltd, the firm lost €450,000 in the year to December 31 last year, after an €8m profit in 2010.
The company provides life assurance and pensions products to the Irish market. Most key metrics of the business were down year on year.
Annualised premium equivalent fell by more than 6,000 to 43,345, even as the number of policies rose by 900 to 7,006.
The company, which is run by managing director Ruairi O'Flynn, said the operating environment in Ireland remained "very challenging".
"The company focused on higher-margin pensions and investment business, and on product innovation," it said.
The company paid a dividend of €8m in 2011, down from €13m in 2010. The firm is a subsidiary of Canada Life Irish Holding Company Ltd, which controls the group's Irish and German business.