Canadian ownership yields €1.85bn in dividends for Irish Life over a period of twelve years
In a testament to its financial strength and growth strategy, Irish Life Group, a leading player in the Irish financial services market, has continued to thrive under the ownership of Great-West Lifeco. The UK-based company ReAssure Limited, which specialises in managing closed books, sold Ark Life to Irish Life Group in a significant deal.
Despite a 53% decline in net profit last year to €223.9 million, Irish Life Group has maintained a profitable financial status. Over the past twelve years under Canadian ownership, the company has paid approximately €1.85 billion in dividends, indicating strong and consistent profitability. Both of its main subsidiaries, Irish Life Assurance and Irish Life Health, remained profitable throughout 2024 and maintained solvency reserves above the targets set by the group, reflecting sound financial health and risk management.
The decline in net profit was primarily due to a decrease in dividends from Irish Life Assurance to €215 million from €314.6 million in the previous year. However, a once-off €115 million special dividend from a sale of a tranche of business to AIB Life was a factor in the previous year's payments from Irish Life Assurance. The most recent dividend payment of €265.5 million was made in the past 18 months.
Irish Life Health, the health insurance subsidiary, saw a 50% drop in dividends to €11 million last year. This decrease was offset by the launch of six new health insurance plans effective August 2025, demonstrating ongoing product development and market responsiveness.
David Harney, former CEO of Irish Life, has taken on a new role as CEO of Great-West Lifeco, effective from the beginning of the current month. Harney served as the head of Irish Life for four years and as president and COO for Europe for Great-West Lifeco since 2020.
The growth of Irish Life Group can be attributed in part to the support from its owner, which has helped the business grow its customer base by more than 50% through acquisitions over the years. Significant acquisitions include financial advice companies Invesco, Acumen & Trust, APT, and Ark Life (former AIB life insurance arm) in 2021 for €230 million.
The State purchased Irish Life from PTSB (Irish Life & Permanent) in 2011 for €1.3 billion. PTSB remains 57% owned by the Government as of the time of the article. The payout eclipses the €1.3 billion that Winnipeg-based Great-West Lifeco paid for Irish Life Group in 2013.
Irish Life Investment Managers continues to manage global equity funds, including actively managed and passively managed portfolios, with mixed recent performance reflecting broader market trends. This suggests that Irish Life maintains a diversified investment approach supporting its financial strength.
In summary, Irish Life Group under Great-West Lifeco’s ownership shows strong financial performance evidenced by steady dividend flows and profitability, prudent solvency management, and active growth initiatives such as launching new health insurance plans. The company focuses on maintaining financial resilience while continuing to develop its product suite to sustain growth in the competitive Irish financial services market.
Business growth is evident at Irish Life Group, a profitable entity in the Irish financial services market under Great-West Lifeco's ownership. With a diversified investment approach, Irish Life Investment Managers manage global equity funds, including both actively and passively managed portfolios.
