Irish Life sees earnings grow

Irish Life has increased its earnings to €38m in the second quarter of this year.

In the year since it was bought by Great-West Lifeco on July 18, 2013, Irish Life has contributed a total of €133m to Great-West Lifeco’s earnings.

The insurer generated €1.4bn of sales and €102m of Great-West Lifeco’s fee income for the three months ended June 30, 2014.

“We are delighted to have made a significant contribution to Great-West Lifeco in the second quarter, fuelled by excellent growth in our three core business lines – Retail, Corporate Business and Investment Management,” said Bill Kyle, Chief Executive Officer, Irish Life Group.

“The integration of Irish Life and Canada Life in the Irish market continues on track with the move of 300 employees from the former Canada Life office in Blackrock into the Irish Life campus on Abbey Street where our €12 million refurbishment project is under way.

"To the end of June 2014, €28.1 million or 70% of the expected synergies from the integration process have been achieved,” Mr Kyle said.