Irish Life

19.02.13

The State acquired Irish Life, the life assurance subsidiary of Irish Life and Permanent for a cost of €1.3bn in 2012. The acquisition completed the recapitalisation required for Irish Life and Permanent following the PCAR stress testing performed by the Central Bank.

In July 2013 the State sold Irish Life to Great-West Lifeco for €1.3bn. Prior to the close of the sale the State had received a dividend of €40 million.

For more information see links below:

July 2013 press release announcing completion of the sale of Irish Life

Statement by Minister for Finance on 19 February on agreement to sell Irish Life to Great-West Lifeco