Irish Life enjoys 50% surge in third-quarter earnings

Life insurance and pension company Irish Life has seen a huge surge in earnings in the third quarter of the year as its merger with Canada Life remains on schedule.

The company, owned by Great-West Lifeco, generated strong results in the three months to the end of September with earnings totaling €57m for the quarter — a 50% increase on the €38m total earnings in the previous three-month period.

“A highlight in the quarter was the launch of our new Irish Life enhanced annuity,” said Irish Life Group chief executive Bill Kyle. “This innovative product allows us to offer higher retirement income to people who have experienced poor health.