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

Mum says autistic son now homeless in hospital, calls on HSE to provide solution

Roscommon woman wins €500,000 on scratch card just one month after winning €25,000

Skeletal remains found washed up on Co Clare shore

Witness heard child scream on night father and 3-year-old son drowned in Dublin tragedy


Today's Stories

Farming survey: Farmers want a minister for Brexit

Champion ploughman dies in farm accident

Motorist forced to emigrate after wrongful conviction and driving ban

Government pledge to pass laws amid ‘hamstrung Dáil’ claims

Lifestyle

The A-listers of Zeminar equipping Generation Z with the tools to deal with life’s challenges

Decoding craftsmanship at Cork event

Cork a Safe Harbour for a superb festival

Made in Cork: Tom Vaughan-Lawlor talks playing IRA man in Maze film

More From The Irish Examiner