Life assurance
Irish Life is Ireland’s leading life and pensions company with a domestic market share of c.28%. The company provides a wide range of risk protection, pension, savings and investment products for both the individual and group markets in Ireland.
Individual products are distributed by the Retail Division through a variety of distribution channels including a network of supporting independent intermediaries, a 200 strong direct sales force, 90 franchises and the branch network of permanent tsb. In addition its products are provided on a wholesale basis into the branch network of a number of other financial institutions. Following the merger with Irish Permanent in 1999, the business of its subsidiary, Irish Progressive, was integrated into the Retail Division of Irish Life.
The Corporate Division provides group pension and risk products to employers and affinity groups, the bulk of this business being distributed through consultants, brokers and Cornmarket Group Financial Services. Cornmarket specialises in the provision of financial advice and products to affinity groups in the public sector and is a 100% subsidiary.
Asset management for the life operations is provided by Irish Life Investment Managers (ILIM), which was established as a separate company in 1997. ILIM provides a wide range of active and passive investment funds across all asset categories.
Cornmarket Group Financial Services Limited, which specialises in the provision of financial advice and products to affinity groups in the public sector, is a 100 per cent subsidiary.
As of 31 December 2010, the business had approximately 750,000 policies in force and premium income arising for the year amounted to €4.3 billion.
Banking
permanent tsb is a leading provider of residential mortgages in Ireland. Residential mortgages account for 90% of the loan book with the balance consisting of personal finance – mainly secured auto finance – and commercial mortgages. At 31 December 2010, permanent tsb had over 180,000 mortgage accounts.
The personal finance business is transacted through permanent tsb Finance.
In addition to mortgage products the bank provides a range of savings and other banking products including current accounts and credit cards. It had approximately 1.6 million savings and current accounts as at 31 December 2010. permanent tsb operates a nationwide network of 92 branches, its products are also distributed through independent mortgage brokers and by the direct sales force of Irish Life.
In the UK the bank operates through its subsidiary Capital Home Loans (CHL), a centralised residential mortgage lender distributing through independent intermediaries. CHL lends predominantly in the buy-to-let residential market and has been closed to new business since March 2008. As part of the deleveraging requirements following the PCAR/PLAR exercise in March 2011, the loan book of this business is to be sold.
In Ireland, Springboard Mortgages Ltd is an intermediated specialist mortgage lender which commenced trading in the beginning of 2007 however it was closed to new business in 2009.
Total loans outstanding, including securitised mortgages, at December 31 2010 were €36.7 billion.
General insurance (Associate)
The group has a minority interest (30%) in the third largest non-life insurer in the Irish market. The majority partner is Allianz and the business trades under the Allianz brand. The group has a long term agreement with Allianz for the distribution of its household insurance products.
Organisation chart
To view our Organisation chart click on the image below to enlarge.
