Monday 26 June 2017

Irish Life boosts profits for parent company

Irish Life chief executive David Harney
Irish Life chief executive David Harney
Donal O'Donovan

Donal O'Donovan

Irish Life has added €36m to its Canadian parent’s profits in the third quarter of the year, up by a third on the same period in 2015.

The insurer launched its new Irish Life Health business in September, shaking up the sector following its acquisitions of Aviva Health and the 51pc stake it did not already own in GloHealth,

Last night, Great-West Lifeco announced its third quarter results for the three months ended 30 September 2016 and said its Irish Life unit had contributed €36m of profits in the period, an increase of 33pc compared to the same quarter last year.

The Canadian insurance group bought Irish Life in 2013 from the State, which had ended up in control of the business following the effective nationalisation of the former Irish Life and Permanent in the wake of the financial crash. 

At Irish Life, the third quarter of this year marked a number of important developments for the company, group chief executive David Harney said.

“In September, we successfully launched Irish Life Health as a new force in the Irish health insurance market. We are very pleased with the positive response including the decision of a number of corporate clients to transfer their company schemes to Irish Life Health.

“Also during the third quarter the total investor assets in Irish Life’s Multi-Asset Portfolio Strategies reached close to €6bn, including €2bn by 35,000 investors in Retail MAPS funds,” he said.

Meanwhile. Europe’s top court is due to rule this week on whether the Government breached the European law when it took control of IL&P.

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