Irish Life reports profits of €201M for 2017

Business | Fri 9 Feb | Author – Business & Finance
Irish Life Centre (Photo: Chris Bellew/Fennell Photography)

Irish Life has continued to gain strong results, contributing €201 million (CAD$295 million) to Great-West Lifeco, for the year ended 31 December 2017. Irish Life is a subsidiary of Lifeco.

This figure is up 18% from €170 million (CAD$250 million) from the previous year.

Net earnings for the three months ended 31 December 2017 were €63 million (CAD$95 million) compared to €61 million (CAD$89 million) for the same period in 2016. Great-West Lifeco also released its fourth-quarter and the full-year ended 31 December 2017.

Irish Life had €82.7 billion of assets under management at the end of 2017. This is up from €78 billion at the end of 2016.

Irish Life, during the fourth quarter, made a ‘bulk-annuity’ insurance policy (a ‘buy-in’) on behalf of Danske Bank Irish defined pension scheme. It was the largest transaction of its kind in Ireland.

In last year’s final quarter, Irish Life was awarded top awards at the Irish Pension Awards, winning the Investment Manager of the Year and Equities Manager of the Year.

David Harney, Chief Executive of Irish Life Group, said: “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.”