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Great-West Lifeco reports second quarter 2016 results

Friday, August 5, 2016

Great-West Lifeco Inc. (Lifeco) has announced its second quarter results for the three months ended 30 June 2016. View the full release here

Irish Life, which is owned by Great-West Lifeco, continued to generate strong results, contributing €36 million (CAD$52 million) to Lifeco’s profits in the second quarter. This compared to €45 million (CAD$60 million) in the same quarter in 2015.

Commenting on Irish Life’s performance David Harney, Chief Executive Officer, Irish Life Group said: “Our main focus during the quarter was on progressing the transactions to acquire Aviva Health and assume control of GloHealth. Earlier this week we announced the establishment of Irish Life Health and we are now in the process of integrating the two companies under the new brand. This is a very significant development for Irish Life Group and a good fit with our existing life and pensions business as we expand our financial services portfolio in the Irish market.”

One of the key contributors to Irish Life’s second quarter performance was the success of Irish Life Investment Managers which continued to expand its business in Ireland and internationally. Assets under management grew by 11% to just over €60 billion during Q2, with international clients across Europe, US and Canada now accounting for circa 35% of the total assets under management.

Irish Life also grew its corporate pensions business with the successful establishment of two significant Irish Life Empower schemes, each with over 2,000 members. This development made a major contribution to sales growth in the quarter.

About Irish Life:

Irish Life is one of Ireland’s leading financial services companies with over 1 million customers. For over 75 years, we’ve been helping people in Ireland look after their life insurance, pension and investment needs. Since July 2013 Irish Life has been part of the Great-West Lifeco group of companies, one of the world’s leading life assurance organisations.

Great-West Lifeco and its subsidiaries – including The Great-West Life Assurance Company which this year celebrates its 125th anniversary since the company was founded in Canada more than a century ago - have approximately $1.2 trillion in consolidated assets under administration and are members of the Power Financial Corporation group of companies.

Irish Life is committed to delivering innovative products backed by the highest standards of customer service. As part of Great-West, we have access to experience and expertise on a global scale, so we can continuously enhance our leading range of products and services.

Irish Life Assurance plc is regulated by the Central Bank of Ireland.

Irish Life Investment Managers Limited is regulated by the Central Bank of Ireland.