Monday 18 November 2019

Irish Life contributes €45m to parent company's profit

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

Irish life assurance and pensions firm Irish Life contributed €45m to the profits of its parent company, Great-West Lifeco, in the second quarter.

This was an improvement of €7m on the same period the year before, when Irish Life contributed €38m.

Irish Life was acquired by Canadian life insurance firm Lifeco two years ago. Irish Life chief executive Bill Kyle says that the company's integration into Lifeco is now fully complete, representing an investment of €56.5m.

He added: "Despite the complex nature of the integration process we managed to exceed all targets and achieve our highest customer service scores during the period.

"This is a huge achievement and everyone in the company deserves a great deal of credit. To have achieved significant business growth during this period is even more impressive.”

Total revenue at Lifeco hit $24.5bn in the second quarter, up 52pc from the same period in 2014. European sales increased by 21pc to $3.4bn on the back of strong growth in Ireland and Germany.

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