Irish Life to create 150 jobs next year as part of strategic growth plan

Irish Life expects to create 150 new jobs in Ireland next year as part of a five-year growth strategy approved recently by its Canadian parent group Great-West Lifeco.

Speaking to The Irish Times yesterday, the life and pensions group's chief executive Bill Kyle said the new roles would result from the continued growth of its defined contribution pensions activities, the expansion of Irish Life Investment Managers and Setanta Asset Management, and growth in its retail business, including its bancassurance arrangements with AIB, Permanent TSB and Ulster Bank.

It follows strong trading for the company since its acquisition by Great-West Lifeco from the State in 2013 for €1.3 billion and the completion of the integration this year of the Canada Life business here with Irish Life.

“2015 has been a very good year for us yet again,” Mr Kyle said. “We have seen very solid growth in sales across all of our businesses.”

He said after completing the integration of Irish Life and Canada Life this year the company began working on a strategic plan.

“It provides a really clear roadmap of where the market is likely to move.”

Irish Life already employs 2,300 in Ireland, while an additional 500 connected with various arms of its parent company’s European operations are also based at its campus on Lower Abbey Street in Dublin.

Work stoppage

Staff at Irish Life will today stage another stoppage in a row with the company over pay that will result in pickets being placed at its offices.

Mr Kyle said he was “hopeful” of finding an agreement with unions to end the dispute. “We will work through the industrial relations process here.”

Accounts just filed for Irish Life Assurance plc show that it paid a dividend of €73 million to its Canadian parent in 2014, up from €39 million in the previous year. Mr Kyle said this reflected “one-time capital benefits” from the decision to merge Canada Life with Irish Life.

The accounts show that Irish Life Assurance made an after-tax profit of €47 million last year compared with a loss of €50 million in 2013.

Its retail life sales rose 19 per cent to €1.1 billion, while its annual premium equivalent (APE) was 23 per cent ahead at €191 million.

In terms of its corporate business, sales fell 4 per cent to €777 million due to bulk annuity sales being €147 million lower than the previous year.