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 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.
Posted on September 20, 2012, in Uncategorized and tagged Banks, Ethnicity, Insurance, Ireland, Irish, Irish Life, Irish Life and Permanent, Life insurance, Thomas Molloy. Bookmark the permalink. Leave a comment.