Irish Life has agreed to sell its third-party administration solutions business Irish Progressive Services International (IPSI) to FNZ, a financial technology company.
The financial terms of the deal have not been disclosed yet.
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IPSI, which has over 250 employees, has more than €30bn in assets under administration.
It offers professional services and software solutions to pension and life assurance companies.
To focus on core activity in Ireland as part of its growth strategy, the Irish insurer said that is divesting its IPSI business since most of the IPSI clients are based overseas.
Furthermore, most of IPSI clients operate in B2B space, while Irish Life serves consumers in Ireland.
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By GlobalDataIrish Life’s CEO David Harney said: “As Irish Life continues to focus on its core business, we believe that the IPSI team can go even further under new ownership as part of a dynamic company like FNZ which can help it realise its ambitions.
“We believe that FNZ will prove an excellent partner for the next stage of IPSI’s development.”
IPSI CEO James Parker said: “Working with FNZ will provide the company with the opportunity to leverage its technology solutions to the benefit of its existing clients and policyholders.
“The deal will help the IPSI team explore opportunities to expand into growth markets.”
The transaction is subject to receipt of regulatory approvals.
Established 81 years ago, Irish Life is a life and pension subsidiary of insurance firm Great-West Lifeco since July 2013.
Last year, Irish Life has launched the next-generation digital health engagement app MyLife to its 1.3 million Life and health insurance clients in Ireland.
In April 2018, Irish Life buys stake in Invesco, an independent financial consultancy in Ireland, for an undisclosed sum.
