Friday 30 September 2016

Irish Life profit slides by €9m in second quarter

Published 04/08/2016 | 08:26

The Irish Life Centre on Abbey Street in Dublin
The Irish Life Centre on Abbey Street in Dublin

Profits at financial services firm Irish Life slid by €9m in the second quarter of the year as it contributed €36m in profit to its parent, Great-West Lifeco.

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Irish Life's Investment Managers performed strongly in the three month period with assets under management growing by 11pc to over €60bn. The company's management portfolio now consists of clients from Europe, the US and Canada, which make up around 35pc.

The company's corporate pension business grew with the establishment of two new Irish Life Empower schemes, both of which are made up of over 2,000 members.

Irish Life chief executive David Harney said the company's main focus during the period was progressing deals to acquire Aviva Health and gain control of GloHealth.

"Earlier this week we announced the establishment of Irish Life Health and we are now in the process of integrating the two companies under the new brand. This is a very significant development for Irish Life Group and a good fit with our existing life and pensions business as we expand our financial services portfolio in the Irish market," he said.

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