Irish Life Health reduces prices due to reduction in Health Levy

Business | Thu 1 Mar | Author – Business & Finance
Jim Dowdall, MD, Irish Life Health (left) with Patrick Burke, Managing Director, Irish Life Investment Managers; Denis McLoughlin, MD, Irish Life Retail; Tony Lawless, MD, Irish Life Corporate Business; and David Harney, Chief Executive, Irish Life Group (right) (Photo: Robbie Reynolds)

Irish Life Health announces it will reduce the cost of 15 of its non-advanced plans with effect from 1 April, 2018.

This is to reflect the decrease in the Health Insurance Levy and follows the reduction in the levy being applied to five non-advanced plans from 2 March, of which includes the Select Starter and Kick Off plans.

The average price reduction will be €45 on the adult gross rate and €15 for the child gross rate on selected plans.

It was a good year for Irish Life in 2017, with a profit generated of €201 million, an 18% increase from the 2016 figure.

The company had €82.7 billion of assets under management at the end of 2017, up from €78 billion at the end of 2016.

David Harney, Chief Executive of Irish Life Group, commented on last year’s figures by saying: “Our business performance highlights during 2017 included the continued growth of our insurance, investment and pension businesses as well as the successful integration of Irish Life Health.

“We paid out a total of €609.7 million to Irish Life Group customers and their families affected by illness and death during 2017.”

In operation for over 75 years, Irish Life Health combines the experience of two of Ireland’s strongest health insurers to bring new options to the health insurance market.