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December 19, 2011updated 13 Apr 2017 8:46am

Irish Life sale put on hold

The sale of Irish Life, Irelands largest life insurer, had been ordered by Irelands minister of finance Michael Noonan in June 2011 as a means of contributing towards the 4bn ($5.4bn) recapitalisation of ILPG.

By LII editorial

Troubled Irish bancassurer Irish Life & Permanent Group Holdings’ (ILPG) sale of its life insurance subsidiary, Irish Life, has been suspended. The sale of Irish Life, Ireland’s largest life insurer, had been ordered by Ireland’s minister of finance Michael Noonan in June 2011 as a means of contributing towards the €4bn ($5.4bn) recapitalisation of ILPG.

In a statement, Noonan said that although the proposed sale of Irish Life had attracted “significant interest from a broad range of potential acquirers”, none of the offers made were adequate.

According to Irish Life, it has some 750,000 individual policyholders, 200,000 pension scheme members and more than €32bn in funds under management. The insurer’s free assets of €704m are equal to 175% of the minimum amount required under regulation.

Irish Life, which has a market share of about 27%, reported net premium income of €595m in 2010 and a net attributable profit of €173m. In the first half of 2011, net premium income of €317m and a net attributable profit of €16m was reported.

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