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Irish Life reports 201 million Euro profit in 2017

In its fourth full-year as a subsidiary of Great-West Lifeco (Lifeco), Irish Life continued to generate strong results contributing profits of €201 million (CAD$295 million) to Lifeco for the year ended 31 December 2017. This was up 18% from €170 million (CAD$250 million) in the previous year.

Irish Life’s net earnings for the three months ended 31 December 2017 were €63 million (CAD$95 million) compared to €61 million (CAD$89 million) for the same period in 2016. 

Great-West Lifeco reported its results for the fourth quarter and the full-year ended 31 December 2017 today.

Commenting on the Irish Life results, David Harney, Chief Executive of Irish Life Group, said: “Our business performance highlights during 2017 included the continued growth of our insurance, investment and pension businesses as well as the successful integration of Irish Life Health.

“We paid out a total of €609.7 million to Irish Life Group customers and their families affected by illness and death during 2017.”

Irish Life had €82.7 billion of assets under management at the end of 2017, up from €78 billion at the end of 2016

During the fourth quarter, in the largest transaction of its kind in Ireland, Irish Life arranged a €335 million ‘bulk-annuity’ insurance policy (known as a ‘buy-in’) on behalf of Danske Bank’s Irish defined benefit pension scheme.

Also in Q4 2017, Irish Life was awarded top accolades at the Irish Pension Awards winning the Investment Manager of the Year and Equities Manager of the Year categories.