Irish Life's contribution to parent falls by 34pc
Irish Life contributed €37.5m in profits to its Canadian parent company in the first quarter of this year, a 34pc decline on the €57m contribution it made in the same three-month period last year.
The financial services company, which has acquired Aviva Health and taken full ownership of Glo Health, has been part of the Great-West Lifeco group of companies since July 2013. Great-West, which acquired Irish Life for €1.3bn, saw its Irish subsidiary contribute some €204m in profit last year, up 11pc on 2014. David Harney, chief executive of Irish Life, said that the company had generated "strong results" in the first three months of the year due, in part to the continued success of the Multi-Asset Portfolios (MAPS), a range of risk rated funds.
Great-West reported sales of €32.7bn in the first quarter, up 73 per cent on the same three month period in 2015.
Consolidated assets under administration at the end of March were approximately CAD$1.2 trillion, a decrease of CAD$26 billion from the end of December.