Life assurance company Danica Pension, which
is part of the Danske Bank Group, has stopped accepting new
business for its life and pensions operation in Ireland, Danica
Life.
Danica Life has also confirmed that it intends
to exit the Irish market.
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A spokesman for Danica Pension said the
decision has been taken because Danica Life in Ireland has not
achieved the scale necessary to help sustain their business in the
current economic environment.
The spokesman said: “A process has commenced
to explore strategic options for Danica Life’s existing business
with the objective to withdraw from the Irish market within 12-18
months.”
Danica Life in Ireland was established in 2008
as a wholly-owned subsidiary of Danica Pension. The company employs
four staff. Premiums for 2011 amounted to €23m ($30.4m) and assets
under management amounted to €85m at the end of
2011.
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