Irish Life wants to expand in the broad financial services market in Ireland, according to managing director Mr David Kingston. The second half has started well for the group, though investment income was unlikely to rise by as much as in the first half, he said.
The group is interested in acquisitions in a consolidating Irish life assurance market, through Mr Kingston would not comment on speculation that it may bid for New Ireland. But Irish Life is also interested in expanding into the broader financial services markets. "We want to broaden and deepen our position in the Irish financial services market. Insurance cannot be regarded anymore as a separate market." As the traditional distinctions between financial services providers blur, Irish Life needs to broaden its product base to ensure its future in the marketplace. Acquisition of a banking operation may be among its medium-term aims. The group is trying to "reposition" itself in the Irish market. But it needs to improve sales performance particularly in pension business. "Repositioning" includes changes in sales methods and the development of new products.
The group made two acquisitions in the first half - Guaranteed Reserve in the US and Kereskedelmi es Hitelbank (K & H) bank in Hungary with Kredietbank.
In the US market, Irish Life intends to introduce new products into Guaranteed Reserve and is reexamining the First Variable operation.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)