Irish Life profits rise by 11%

It has reported growth in its pension devision

Irish Life profits rise by 11%

The Irish Life Mall building on Lower Abbey Street in Dublin | Photocall file photo

Irish Life, the country’s largest pensions and investments savings firm, recorded an 11% increase in profits last year to €204m.

One of the key drivers of business and profit growth was the strong performance of stock markets through most of 2015, which generates fee income for Irish Life relative to the scale of assets.

Its chief executive, Bill Kyle warned yesterday evening that Irish Life faced what he called “head winds” in the current year due to stock market volatility though he hopes markets will improve as the year progresses.

The company was bought from the State by Great Life Westco of Canada for €1.3bn in 2013.

In late January ratings agencyFitch upgraded Irish Life from AA- to AA as it said that it believes that the Irish business has become "core" to its Canadian parent company.

Mr Kyle commented on the results: "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."