250 jobs set to go at enlarged company

The sale of Irish Life to Canadian insurance giant Great-West Lifeco is expected to result in the loss of some 250 jobs from its enlarged status over the coming 18-24 months.

The well-flagged €1.3bn sale of Irish Life — which still requires competition and financial regulatory approval, and should take until July to conclude — was confirmed yesterday. It will ultimately see the company subsume Canada Life’s Irish operations under the Irish Life brand, with the enlarged business being housed at the latter’s existing Abbey St headquarters.

An additional €40m dividend — payable to the State prior to completion — gives the Government a marginal profit on the €1.3bn it paid for Irish Life last year, as part of the bailout of the then Irish Life & Permanent business.