Irish Life & Permanent Group Holdings plc.
Announcement regarding Irish Life
Friday 25 November 2011. In the context of continuing market uncertainty the board of Irish Life & Permanent Group Holdings plc has decided to suspend the previously announced disposal process relating to Irish Life Limited (“ILL”).
The process attracted significant interest from a broad range of potential acquirers each of whom recognized the exceptionally strong franchise which the company has in the Irish market and the low risk nature of the Group’s business. However the current very challenging market conditions are not conducive to concluding a transaction of this size at this time and in that context the process has been suspended.
The Group will continue to progress the Separation of the Group’s life assurance and banking businesses which is due to complete at end of Q1 next year.
Irish Life is the market leader in the life, pensions and fund management businesses in Ireland. The company has almost three quarters of a million personal policyholders, 200,000 pension scheme members and over €32 billion in funds under management. The company holds €704m free assets which is 175% of the minimum amount required under regulation.
Issued by: email@example.com