News - Irish Life Corporate Business
Irish Life Health established following health insurance acquisitions
Set to be a new force in the Irish market
Tuesday 2 August, 2016: Irish Life Health has been established as a new force in the Irish health insurance market. This follows the completion of Irish Life Group’s transactions to acquire Aviva Health and assume control of GloHealth, where Irish Life previously had a 49% shareholding.
This move is a positive development for competition in the Irish market, and gives customers a compelling alternative to the existing health insurance offerings.
By offering innovative, good value health insurance plans and exceptional customer service to Ireland’s two million health insurance customers, Irish Life Health aims to grow the existing 420,000 customers and 21% market share of the existing combined Aviva Health and GloHealth businesses.
Current customers will continue to enjoy all of the benefits of their health insurance cover and do not need to take any action. Over the next month or so, Aviva Health will begin rebranding to Irish Life Health. From later this year GloHealth customers will be invited to join Irish Life Health as their policies come up for renewal. All customers will be communicated with well in advance of any change.
Commenting on the establishment of Irish Life Health, David Harney, Chief Executive, Irish Life Group said: “Through the acquisition of these two very strong existing businesses, backed by the market knowledge and financial strength of Irish Life, we will create a significant new force in the Irish health insurance market. It is our intention that Irish Life Health will become the benchmark for health insurance in Ireland.”
Further insights into the habits of Ireland’s workforce have been revealed through recent employee research carried out by Irish Life*. The research found that Ireland’s workforce remains committed to their jobs, with over a third of employees in Ireland stating they have never missed a day in work. However, Ireland’s workforce are not as dedicated to securing their financial future, as they are only saving an average of 10% of their salary into a pension fund, Irish Life figures show.
Irish Life held a major pensions conference attended by almost 200 delegates in Dublin today. On the theme “Empowering Retirement” speakers discussed new initiatives to engage members of defined contribution pension schemes. Recent research conducted by Irish Life shows that only 29% of us know how much we need to live on in retirement,* and the conference focused on ways to help Irish people become more retirement ready.
9 March, 2016 – The Irish Life Group, the parent company of Irish Life, Ireland’s leading provider of life insurance, pensions and investments, has announced agreements to acquire Aviva Health and to take full 100% ownership of GloHealth.
Over two million health insurance customers will benefit from the combination of the two businesses and the creation of a significant new force in the health insurance market.
To ensure our Personal Lifestyle Strategy (PLS) remains at the forefront of innovation in the Irish Defined Contribution (DC) pension market, we undertake an annual review of the overall process and the PLS constituent parts.
Today our colleagues in Irish Life Retail published a review of their data for their personal pension customers. This shows that the average pension contribution during the first half of this year was €562 per month, compared to €372 per month in 2010. In the last five years alone, the average contribution on new personal pension plans has increased by over 30%.
Following a review of our fund risk ratings which are based upon the ups and downs that each fund experiences over time, the following fund risk ratings have been revised.
More than 100 Irish Life staff will abseil down the front of the iconic Irish Life head office building Friday 21 Aug 2015 – raising funds for this year's selected Irish Life Staff Charities the St Francis Hospice and Friends of Frank.
