Irish Life is Ireland’s leading life and pensions group with a market share of over 30%. The company provides a wide range of risk protection, pension, savings and investment products for both the individual and group markets in Ireland.
Irish Life Retail
The Retail division provides life and pensions products to personal and small business customers in Ireland. It is the market leader with a comprehensive product range spanning life insurance, pensions, investment and regular savings products. Irish Life Retail follows a multi-channel distribution strategy, distributing approximately half of its new business through independent brokers and independently regulated tied agents and half through tied agents in bank branches and its employed and self-employed sales force. The business has long-term bancassurance arrangements with four of Ireland’s leading bank networks (AIB, EBS, permanent tsb and Ulster Bank)
Irish Life Corporate Business
Corporate Business is the part of the organisation that provides group retirement and risk products to employer and affinity groups.
Corporate Business is the biggest provider of employee benefit solutions in Ireland. It has approximately 628,000 customers (both public and private sector), spread over 7,300 group arrangements, for whom Corporate Business administer pensions, life assurance and income protection. Irish Life Corporate Business insures 1 in 6 private sector employees.
Its mission is to help workers to provide for a secure financial future for themselves and for their families.
Irish Life Investment Managers (“ILIM”) is the largest manager of life assurance and pension assets in Ireland, with a 35% market share and funds under management of €50bn. It attributes its market leading position to continual product development allowing it to provide the most appropriate investment solutions to meet the needs of its clients.
Brokerage and Third Party Administration
Cornmarket Financial Services Limited, a wholly owned subsidiary of the group, is an independently regulated life and general insurance brokerage company. The business concentrates on distribution through the public sector and other affinity markets.
Irish Progressive Services International (“IPSI”) is a third party life assurance service provider operating from Dublin. IPSI provides full administrative support to client companies selling and distributing their products in various European territories, the list of which now includes Austria, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Poland, Spain, Sweden, Switzerland (Liechtenstein) and the UK.
General Insurance (Associate)
The group has a minority interest (30.4%) in the third largest non-life insurer in the Irish market. The majority partner is Allianz and the business trades under the Allianz brand. The group has a long-term agreement with Allianz for the distribution of its household insurance products.
The group has a 49% interest in GloHealth Financial Services ltd. GloHealth is Ireland’s newest health insurer, founded just over 3 years ago. GloHealth is also backed by Munich Re, one of the world’s largest re-insurers, and provides innovative tailored health insurance to over 120,000 customers in Ireland.