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.
“We also celebrated 75 years of looking after the financial needs of our one million-plus customers with a brand and marketing campaign.”
This year to date, Irish Life has contributed total earnings of €129m to its Canadian parent company.
The Irish insurance company — which was taken over by the State as part of its bailout of Permanent TSB in 2011 — was sold to Great-West Lifeco last year for €1.3bn.
During its third quarter, Irish Life generated €1.5bn of sales income which was supplemented by €101m of Great-West Lifeco fee income.
The integration of Irish Life and Canada Life in the Irish market, the company said, is on schedule, with 88% of expected synergies from the integration process achieved and 60% of the restructuring costs at the end of September.
Earlier this week, lower paid staff at Irish Life voted overwhelmingly in favour of accepting a Labour Court recommendation that will see them earn up to 7% more per year.
© Irish Examiner Ltd. All rights reserved