Shannon redundancies help Halifax Assurance profits

A SHANNON-BASED workforce that was cut by 80 earlier this year contributed to a life assurance company recording pre-tax profits of £29.4 million (€32.5 million) last year.

Earlier this year, the Lloyds Banking Group- owned St Andrew’s Group in Shannon made 80 workers at its Shannon base redundant as part of a move to axe 200 jobs across its insurance division.

New accounts filed to the Companies Office show that St Andrew’s Group subsidiary, the Shannon-based- Halifax Assurance Ireland Ltd (HAIL) recorded pre-tax profits of £29.4m last year and this followed pre-tax profits of £37.3m in 2009.