Standard Life, the Scottish life assurer that has been in Ireland for 172 years, will set up a new business in Dublin to sell investment bonds to its UK clients.
The Edinburgh-based company, which employs 230 people in Ireland, will add 30 more jobs here over the next three years by establishing an international subsidiary in Dublin. The new business will cost Standard Life about €30 million.
Ireland beat other locations, such as the Isle of Man, to become the location for Standard Life's new company. The subsidiary, Standard Life International Ltd, will be based at the life assurer's Irish headquarters on St Stephen's Green.
"We chose Dublin because of the strong regulatory environment combined with the availability of a highly skilled workforce," said Murray Drummond, chief executive, Standard Life International.
"The presence of our existing operation in Dublin was a significant factor in the decision."
Standard Life's new Irish business will initially focus on selling investment bonds and on small corporate business markets. Sales of the company's single premium investment bonds jumped 23 per cent in the final quarter of 2005, Standard Life reported earlier this month.
The company is repositioning itself to focus on higher margin business, rather than chasing volumes after announcing last year it planned to demutualise.
The company moved to demutualise in an effort to rebuild its capital base and meet stricter rules imposed by the UK government. Standard Life is Europe's largest mutual insurer, with assets worth €175 billion.
