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.
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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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