Irish Life earnings rise to €38m, fuelled by ‘excellent growth’

Investment and pension company generated €1.4 billion of sales in second quarter

Irish Life, which is owned by Great-West Lifeco, has posted earnings of €38 million for the second quarter.

Irish Life, which is owned by Great-West Lifeco, has posted earnings of €38 million for the second quarter.

 

Irish Life, which is owned by Great-West Lifeco, has posted earnings of €38 million for the second quarter, up from €34 million in the first quarter of 2014.

Irish Life generated €1.4 billion of sales and €102 million of Great-West Lifeco’s fee income for the second quarter.

Great-West Lifeco, Canada’s second-largest life insurer, said its second-quarter profit rose 18 per cent, helped by the acquisition of Irish Life last year.

Premiums and deposits rose 33 per cent to C$20.4 billion in the quarter, with C$2.4 billion of that coming from Irish Life. In total, Irish Life contributed C$57 million to the company’s bottom line, Great-West said.

Irish Life chief executive officer Bill Kyle said the integration of Irish Life and Canada Life in the Irish market continues on track, with the move of 300 employees from the former Canada Life office in Blackrock into the Irish Life campus on Abbey Street where a €12 million refurbishment project is under way.

“To the end of June 2014, €28.1 million or 70 per cent of the expected synergies from the integration process have been achieved,” he said.

“We are delighted to have made a significant contribution to Great-West Lifeco in the second quarter, fuelled by excellent growth in our three core business lines – retail, corporate business and investment management,” he added.