Wednesday 25 April 2018

Irish Life contributes €42m to Canada parent

Irish Life chief executive David Harney. Picture: Andres Poveda
Irish Life chief executive David Harney. Picture: Andres Poveda
Charlie Weston

Charlie Weston

Life and pensions company Irish Life has reported a rise in profits for the three months up to June.

It said profits rose 17pc, a development which meant it made a €42m contribution to the earnings of its Canadian parent, Great West Lifeco.

Chief executive of Irish Life Group David Harney noted that the successful business performance in the quarter was due in part to strong growth in investment management.

"Sales at Irish Life Investment Managers were 25pc ahead of budget at the end of the end of the second quarter," Mr Harney said.

Irish Life Investment Managers has almost €65bn of assets under management.

The integration of Irish Life Health neared completion in the second quarter, and this new entity in the private health insurance market has just reached its first anniversary, he added.

Mr Harney said he was delighted to see the health business experiencing customer growth with the most recent Health Insurance Authority report confirming Irish Life Health's market share at 21pc.

The Government bought Irish Life in 2011 from Irish Life & Permanent, for €1.3bn. It then sold Irish Life for the same amount in 2013 to Great Life Westco, which merged it with its exiting Irish unit, Canada Life.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business