Business Irish

Monday 26 August 2019

Profits continue their rise at Canadian-owned Irish Life

Irish Life group chief executive David Harney
Irish Life group chief executive David Harney

Gretchen Friemann

Canadian-owned insurer Irish Life has posted another 17pc increase in quarterly profits, contributing €42m to parent Great West Lifeco's earnings.

The latest figures for the three months ending in September, underscore the pace and strength of Irish Life's bounce back from the crash, when it was nationalised and split from sister company Permanent TSB before being sold by the State.

However the upbeat performance at the Irish subsidiary was not matched by its parent.

The Canadian insurance behemoth racked up losses of CA$175m in the third quarter, related to Hurricanes Harvey, Irma and Maria, which descended on the Americas over the past few months.

In contrast Irish Life matched a rise in profits recorded for the preceding quarter, delivering another €42m to the earnings of its Winnipeg-based owner.

Irish Life was nationalised during the crash at a cost of €1.3bn to the taxpayer. It was then sold for the same sum to Great West Lifeco, which merged it with its exiting Irish unit, Canada Life.

Since then the business has seen continued growth, and has paid up more than €210m in dividends to its new owners.

Commenting on the results, Irish Life's CEO, David Harney, highlighted the expansion of the company's investment management division.

He pointed out "we now have over €10.8bn invested in our multi-asset strategies including over €3.2bn by individual investors".

Irish Life launched the Multi-Asset Portfolio Funds (MAPS), four years ago and it now ranks as the biggest multi-asset investment fund for personal investors in Ireland.

Mr Harney said that in the past six months, the number of individual investors in the Irish Life MAPS fund has grown by 17pc, rising from 45,200 customers at the end of the first quarter of this year to "more than 54,000 customers currently".

Irish Independent

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