Irish Life profits up 44%

Irish Life has reported a 44% increase in profits for the first quarter of 2017, contributing €54m to Great West Lifeco’s earnings in the quarter.

This was up from €37.5m in the same quarter in 2016.

Great-West Lifeco Inc., which owns Irish Life, reported its results for the three months ended 31 March 2017 today.

Chief Executive of Irish Life Group David Harney said that Irish Life’s strong performance was due, in part, to the inclusion of Irish Life Health’s contribution for the first time in the quarter, and the continued success of the company’s multi-asset investment strategies (MAPS).

"We have seen increased investment across Irish Life’s pension, investment and savings plans as investors return to the market. There is now over €9 billion invested in our multi asset strategies including €2.5bn by retail investors. Over the last 12 months the number of individual investors has grown by over 40% to 46,000 and the total value invested in Irish Life MAPS has increased by 70%," he said.

During the first quarter of 2017 Irish Life was awarded the overall Life Sector accolade in the 2017 Irish Brokers Association (IBA) Insurance Service Awards for the seventh year in succession.

Also in Q1 2017, Irish Life was awarded the Best Investment Fund Provider title at the Longboat Analytics Financial Services Awards.