Irish Life earnings up 50pc to €57m in Q3
Irish Life contributed €57m (CAD$82m) to parent company Great-West Lifeco’s earnings in the third quarter of 2014. This figure represented a 50pc increase, up from €38m (CAD$57m) in the previous quarter.
In the year to date, Irish Life’s contribution to Great-West Lifeco’s earnings is a total of €129m (CAD$191m).
During the third quarter Irish Life generated €1.5bn (CAD$2.1bn) of sales and €101m (CAD$144m) of Great-West Lifeco’s fee income.
“A highlight in the quarter was the launch of our new Irish Life enhanced annuity.This innovative product allows us to offer higher retirement income to people who have experienced poor health,” said Bill Kyle, chief executive officer, Irish Life Group.
“We also celebrated 75 years of looking after the financial needs of our 1 million plus customers with a new brand and marketing campaign. The associated national advertising campaign based on the concept We Know Irish life – We are Irish Life has been very well received,” Mr Kyle said.
The company said the integration of Irish Life and Canada Life in the Irish market continues on schedule. To the end of September 2014, 88pc of the expected synergies from the integration process had been achieved and 60pc of the restructuring costs had been incurred.
Meanwhile, Great-West Lifeco’s net earnings for the third quarter of 2014 amounted to CAD$687m, up from CAD$523m in the same period in 2013, representing a 31pc increase. Net earnings in the third quarter of 2014 and 2014 include CAD$6m and CAD$60m, respectively, of restructuring and acquisition charges pertaining to Irish Life.