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Irish Life sent E34m to parent in Q1

Thursday, May 08 17:03:58

Irish Life contributed 52 million Canadian dollars (E34 million) of earnings to its Great-West Lifeco parent group in the first three months of this year.

This was partially off-set by Cad5m or E3m restructuring costs related to the ongoing integration of Irish Life and Canada Life.

Irish Life was acquired by Great-West Lifeco, the parent company of Canada Life, in July, 2013.

Irish Life contributed CAD$2.6 billion [Euro E1.7 billion] to Europe's sales and CAD$120 million [Euro E79 million] to Great-West Lifeco's fee income from Europe for the first quarter.

"We had a very successful first quarter with excellent sales results and earnings contribution," said Bill Kyle, Chief Executive Officer, Irish Life Group.

Irish Life increased its market share, both in the quarter and year over year.

"Our focus is on maintaining customer service while we complete the integration of Irish Life and Canada Life in the Irish market," Mr Kyle said. "This process continues on track with all milestones to date met within budget and synergy targets. Included in this work programme is a E12 million refurbishment of our Lower Abbey Street campus which will house 2,700 staff when complete."