Bank of Ireland holds on to life insurer

Bank of Ireland has been successful in its negotiations with the European Commission to hold on to New Ireland Assurance, although it has to sell business units as part of the agreement, including exiting ICS.

According to restructuring plans signed off by the commission in 2010, Bank of Ireland agreed to sell New Ireland as part of its deleveraging programme.

However, the Irish Examiner reported last October that the bank had been in talks with the commission about keeping the profitable life insurer. It is believed that New Ireland made an operating profit of about €77m in 2012.