Irish Life reports drop in quarterly profits of almost a half

Irish Life has reported profits of €28m for the first three months of 2018.

This compares to a profit of €54m in the same quarter last year.

David Harney, Chief Executive of Irish Life Group, said that the results for the three months of the year up to March 31, 2018, were in line with expectations.

He said that the drop in earnings compared to 2017 was mainly due to the inclusion of some exceptional items in the figures for the first quarter of that year.

Mr Harney said: “Our business performance was on target for the first quarter of 2018 and we are seeing particularly strong growth in defined contribution pension business, which was an influencing factor in the recent announcement of Irish Life’s plans to acquire a strategic shareholding in the independent broker, Invesco Ltd (Ireland).

"On the investment side of the business, following Irish Life Investment Managers’ appointment by WisdomTree, a global Exchange Traded Funds (ETF) provider, to manage its European assets, we began managing a range of equity ETFs tracking WisdomTree’s proprietary indices in Q1 2018.

"This collaboration reflects the continued evolution of Irish Life Investment Managers’ investment capabilities in indexed fund management."

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