IL&P subsidiary sells for €26m

IRISH Life & Permanent (IL&P) has sold its overseas life assurance and investment product subsidiary, Irish Life International, to Swedish financial services provider, SEB Life for a cash consideration of €26 million.

Irish Life International (ILI), which generated a post-tax profit, in 2009, of €1.1m and has gross assets worth €1.73bn — sells life assurance and investment products throughout the European market, via an international network of introducers and tied agents. It currently has assets under management and premium income of around €2bn and €370m, respectively.

The business is not a core element of the wider IL&P group and its disposal is consistent with the group’s strategic focus on the Irish market.