Irish Life delivers €31m boost for Great-West
Irish Life, the Canadian-owned investment and pension company, said it contributed €31m in net earnings to the parent company's fourth-quarter earnings.
The life assurance company was bought from the Government by the Winnipeg-based Great-West Lifeco group of companies last July.
"Integration activities are progressing well and are on track to achieve targeted cost synergies," Irish Life boss Bill Kyle said last night. "Furthermore, we are very pleased that Irish Life increased its market share in Ireland to 34pc."
Irish Life is seeking to re-invent itself after people here stopped investing in pensions following the financial crisis. It established new distribution agreements with KBC Bank and 123.ie late last year.
The company is currently cutting costs and integrating operations here with operations in Canada.
Great-West Lifeco – Canada's second-largest insurer – named Bill Kyle as head of Irish Life last June ahead of the official takeover.
Mr Kyle succeeded Irish Life boss Kevin Murphy who retired after 42 years with the company.
The Government agreed to sell the nation's largest life and pensions company to Great-West last February, following a long sales process that stalled several times.
Finance Minister Michael Noonan's officials re-opened talks with Great-West last year after abandoning them in November 2011 amid concerns that the eurozone debt crisis would increase the costs. The deal was the "first time during this crisis that a company in which we have invested has been returned fully to private ownership", Mr Noonan said at the time.