Irish Life contributes profits of €170m to parent

Parent company Great-West Lifeco says Irish unit is ahead of target

David Harney, CEO of Irish Life. Photograph: Brenda Fitzsimons

David Harney, CEO of Irish Life. Photograph: Brenda Fitzsimons

 

Irish Life contributed profits of about €170 million to its parent Great-West Lifeco last year, down 16 per cent from €204 million the previous year, according to the latest company results.

The company said that the contribution from its Irish unit was ahead of target for the third full year under ownership of its Canadian parent.

Irish Life’s net earnings for the three months ending on December 31st, 2016, were €61 million compared to €77million for the same period in 2015.

Irish Life’s chief executive, David Harney, said that the results reflect a “ robust and diverse product portfolio” and said that the company was building in key areas, notably through the formation of Irish Life Health.

The health insurance arm was formed last year following the acquisition of Aviva Health and the move to take full control of Glo Health, in which Irish Life formerly held 49 per cent.

Irish Life had €78 billion of assets under management at the end of 2016, up 22 per cent from €64 billion at the end of 2015.

Irish Life is the biggest life and pensions group in Ireland, with more than 1 million customers. It was acquired from the State by Great-West Lifeco in 2013 for €1.3 billion.