Tuesday July 7, 2020

Irish Life Assurance increases profits six-fold

Irish Life Assurance said while “market conditions are not currently conducive for a sale” of the group, its priority is to return to private ownership and repay the state’s investment.

19th September, 2012
Irish Life’s embedded value, an estimate of a life assurer’s worth based on future profits of existing policyholders, was €1.8 billion at the end of June.

State-owned life assurer Irish Life Assurance said while “market conditions are not currently conducive for a sale” of the group, its priority is to return to private ownership and repay the state’s investment.

Pre-tax profits increased six-fold to €96 million from €16 million a year earlier under International Financial Reporting Standards, the company said in a statement. The group’s embedded value, an estimate of a life assurer’s worth based on future...

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