Tuesday 25 July 2017

Irish Life profits fall to €27.4m in third quarter

Photo: PA
Photo: PA
Charlie Weston

Charlie Weston

LIFE and pensions company Irish Life, which is now part of Candian giant Great-West Lifeco, has reported a fall in third-quarter profits.

The Irish division contributed €27.4m to the profits of the group in the third quarter of this year. This was a fall of 52pc on the profits made in the same quarter last year.

However, the group said the drop in profits was in line with expectations.

In the third quarter last year there were exceptional investment gains and a release of reserves following changes in insurance contracts. The chief executive of Irish Life Group, Bill Kyle, said the third quarter marked a number of important developments for Irish Life Investment Managers.

"Our total investor assets in Irish Life's Multi-Asset Portfolio Solutions (MAPS) reached €4bn, including over €1bn in our retail MAPS funds," Mr Kyle said. Meanwhile, staff members attached to the Unite union stopped work for two hours at Irish Life offices in Dublin and Dundalk yesterday in a dispute over pay. It was the first in a series of four stoppages by Irish Life workers.

Irish Independent

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