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."

More in this Section

AIB and Bank of Ireland among Europe's worst performing banks in latest stress tests

Gardaí seize €430,000 worth of ecstasy and cocaine in Dublin

Major traffic diversions in Dublin city centre due to Luas works

Woman in her 50s killed after car crashes into field


Today's Stories

State asked for €500,000 each for six social housing apartments

Anger over Ryanair child fee for mandatory reserved seat

Christmas balloon’s flight brings Norwegian family to Cork

Kerry Group donates 2.3-acre Denny site to revitalise Tralee

Lifestyle

'Give Peas a Chance' competition involves raising food plants at your work desk

Eoin Colfer's new play looks at the pathos and humour of Multiple Sclerosis

Ask Audrey has been sorting out Cork people for years

POLL: Is Netflix damaging your sex life? Turn it off to get turned on

More From The Irish Examiner