Irish Life's profits rise 54pc to €57m in quarter
Published 08/05/2015 | 02:30
Profits at Irish Life shot up 54pc in the first three months of the year to €57m.
The insurer was sold by the State to Canada's Great-West Lifeco for €1.3bn in 2013.
Irish Life contributing profits of €57m (CAD$80m) to the CAD$700m of net earnings at Great West Lifeco in the first three months of the year, the company said.
Irish profits in the quarter were up from €34m in the same quarter in 2014, the company said. "Assets under management at ILIM exceeded €50bn for the first time at the end of Q1 2015 as markets continued to rise," according to Bill Kyle, chief executive officer, Irish Life Group.
"In addition we achieved strong sales of our Multi-Asset Portfolio Strategies (MAPS) to the institutional and retail markets." Irish Life MAPS investment funds doubled in size over the last six months, he said.