Irish Life’s profit drops 48% amid pensions strikes
Written by Theo Andrew
The pension and life insurance firm Irish Life has made a net profit of €28m in Q1 2018, €26m down on last year, following its April pension strikes.
According to a report in Independent.ie, the profit is a 48 per cent fall from the €54m made a year earlier.
The firm also made a lower contribution to its parent company Great-West Lifeco due to “exceptional items”.
Irish Life chief executive David Harney, said: "Our business performance was on target for the first quarter of 2018. We are seeing particularly strong growth in defined contribution pension business, which is an influencing factor in the recent announcement of Irish Life's plans to acquire a strategic shareholding in independent broker, Invesco Ltd (Ireland)."
Last month, 800 Irish Life workers went on strike over pension changes, which could see their pensions cut by over a third.
The Independent.ie report said that the Irish Life staff are striking over the planned closure of its defined benefit scheme from the end of June, without agreement from their union, Unite.
The Canadian parent company, Great-West Lifeco, acquired the group in 2013 for €1.3bn and reported net profits of €474.8m in Q1.