Irish Life posts €96m in first half profits, ‘wrong’ time to sell company – Irish, Business – Independent.ie

RISH Life Assurance, the state-owned life assurer, said it is the wrong time to sell the company.

The insurer said today that “market conditions are not current conducive for a sale” but added that its priority is to return to private ownership and repay the state’s investment.

Irish Life is the largest private payer of pensions in the country with a market share of 29pc of the life and pensions market and more than 1m customers.

The company annouced today that pre-tax profits increased six-fold to €96m last year under International Financial Reporting Standards. The group’s embedded value, an estimate of a life assurer’s worth based on future profits of existing policyholders, was €1.8bn at the end of June.

Kevin Murphy, Irish Life chief executive officer, said the assurer is “very conscious” of its taxpayer support “and we are determined to ensure that this can be repaid fully as soon as practicable,” he said. He added that the Irish life and pensions market is likely to remain tough for a number of years.

– Thomas Molloy

via Irish Life posts €96m in first half profits, ‘wrong’ time to sell company – Irish, Business – Independent.ie.

via Irish Life posts €96m in first half profits, ‘wrong’ time to sell company – Irish, Business – Independent.ie.