Profits surge 18pc at Irish Life to €201m
The State's largest pension provider, Irish Life, has reported a €201m profit for 2017. It comes four years after the company was sold by the Government. It had been nationalised during the crash. Irish Life is now owned by Canada's Great-West Lifeco. Profits in 2017 were up 18pc from 2016. Net earnings for the three months to the end of December were €63m.
Last month the Irish Independent reported that Irish Life was closing its defined-benefit scheme, despite it having a massive surplus.
Irish Life had €82.7bn of assets under management at the end of 2017, up from €78bn at the end of 2016.