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Irish Life brings in profit of E96m

Wednesday, September 19 09:51:32

Irish Life returned to significant profits last year following it's separation from PTSB with profits of E96m. It represents a six-fold increase in profits for the corresponding period last year. The period covered in the results saw the life assurance company separated for its parent, Permanent TSB, and brought into state ownership.

The Minister for Finance purchased the company for E1.3 billion in March with the intention of selling it on when market conditions improve. The deal came after the planned sale of Irish Life to a Canadian insurer fell through last year due to concerns about the euro zone. The firm grew its market share in all key market segments in the first half. It has a market share of 29pc in the life and pensions market and over 1 million customers.

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