Govt to sell Irish Life for €1.3bn

Irish Life is to be sold to Canada Life by the Department of Finance for €1.3bn.

The sale of largest life insurance company in the State, with more than a million customers and €37bn of assets under management, is expected to close in July.

The money will be used to offset the bailout of Permanent TSB.

"This transaction reflects a major vote of confidence in Ireland and Irish Life," said Kevin Murphy, Chief Executive of Irish Life.

"It is very good for the Irish economy, our clients, brokers and employees. Canada Life is a well respected and long standing business in Ireland. Combining our businesses will help ensure that Irish Life remains the leading brand in the Irish financial services market."

Email Updates

Receive our lunchtime briefing straight to your inbox

More in this Section

People's Republic of Cork flag to orbit 400km above Earth

Voters in dream wedding competition believed donation was being made to charity

6,500km of piping at risk of bursting, Irish Water warns

Luxury liner bonanza for Port of Cork


Today's Stories

Luxury liner bonanza for Port of Cork

Cabinet unanimous in making Frank Clarke chief justice

People's Republic of Cork flag to orbit 400km above Earth

Call for tougher probes of emergency and asylum housing

Lifestyle

The night sky is a long way from Tipperary

Pulling the strings at Cork Puppetry Festival

Mother charged for illegal sale of fruit smoothies at summer stall set up in Kildare

When you think of the word cougar, what does it conjure up?

More From The Irish Examiner