| Irish Life generates €204 million in its second year of ownership by Great-West Lifeco |
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| February 11th 2016: In its second full year as a subsidiary of Great-West Lifeco, Irish Life continued to generate strong results contributing €204 million (CAD$290 million) to Lifeco’s profits for the year ended 31 December 2015. This was up 11 % from €184 million (CAD$261 million) in the previous year. Great-West Lifeco acquired Irish Life in July 2013 from the State for €1.3 billion, and the acquisition was the winning Financial Services deal in the Finance Dublin Deals of the Year Awards 2014. |
Irish Life’s net earnings for the three months ended 31 December 2015 were €77 million (CAD$110 million). This represented a 57% increase from €49 million (CAD$70 million) in Q4 2014.
Bill Kyle, Chief Executive Officer, Irish Life Group commented: “Our business continues to grow. Irish Life now has €64 billion of assets under management, more than one million customers and 2,300 employees. One in three Irish adults has some savings with us and we manage 15% of personal assets in Ireland.”
A highlight of the fourth quarter in 2015 was the success of Irish Life’s Empower pension programme for corporate business which signed up five new large clients representing over 7,000 members, €500 million in assets and €50 million annual premium flow. Also notable was the continued success of Irish Life’s Multi-asset Portfolios (MAPs) funds which performed as designed in challenging markets. MAPS 4 provided a 20% downside protection for customers relative to the traditional managed fund during the recent period of market volatility.
Kyle noted that the progress made by Irish Life in recent months was acknowledged on 27 January last, when Fitch upgraded Irish Life’s rating to ‘AA’ from ‘AA-‘. This upgrade reflects Fitch's view that Irish Life has become 'core' to its parent company, Great-West Lifeco Inc.
“We are particularly pleased that Fitch noted Great-West Lifeco's acquisition of Irish Life has been well managed and has provided the company with critical scale in the Irish market as well as operational synergies and expense savings. The acquisition has strengthened Irish Life’s leading position in Ireland,” he said.
Company's Profile: About Irish Life:
Established in 1939, Irish Life is Ireland's leading life, investment and pension company. Since July 2013 Irish Life has been part of the Great-West Lifeco group of companies, one of the world’s leading life assurance organisations.
Great-West Lifeco and its subsidiaries - including The Great-West Life Assurance Company which was founded in Winnipeg, Canada more than a century ago - have a record for financial strength, earnings stability and consistently high ratings from the independent rating agencies. The Great-West Life Assurance Company has an AA rating for insurer financial strength from Standard & Poor's.
Irish Life is committed to delivering innovative products backed by the highest standards of customer service and, as part of Great-West, has access to experience and expertise on a global scale, allowing the company to continuously enhance its leading range of products and services. |
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