Profits rise for Irish Life

The State offloaded the firm in 2013...

Increased customer investment in pension and savings products and the winning of a number of large new corporate pension scheme clients contributed to the €36m surplus generated by Irish Life in the three months to the end of September.

That's a 33% increase on its performance at the same stage last year.

Irish Life is now fully owned by the Canadian company, Great-West Lifeco. It bought the institution from the Irish State in 2013.

Chief Executive, David Harney commented on the results:

"In September, we successfully launched Irish Life Health as a new force in the Irish health insurance market. We are very pleased with the positive response including the decision of a number of corporate clients to transfer their company schemes to Irish Life Health.

"Also during the third quarter the total investor assets in Irish Life’s Multi-Asset Portfolio Strategies reached close to €6bn, including €2bn by 35,000 investors in Retail MAPS funds."