Irish Life
Irish Life is an Irish financial services group providing life and health insurance, pensions, investments, workplace benefits and related financial advice.
Last updated August 21, 2026
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Overview
Irish Life is an Irish financial services brand and financial services group whose principal activities span life assurance, protection, health insurance, pensions, investments and workplace financial solutions. Its customers include individuals, employers and affinity organisations. The group operates through Irish Life and associated businesses, including Irish Life Health, Irish Life Investment Managers, Unio and Cornmarket. The modern Irish Life assurance company was established in 1939 after the consolidation of several Irish life assurance businesses during a period of financial stress in the insurance sector. Its constituent businesses included City of Dublin Assurance, Irish Life and General Assurance, Irish National Assurance, and Munster and Leinster Assurance. The new company also absorbed Irish operations previously associated with several British insurers. Although the Irish state became a substantial shareholder after the Second World War, Irish Life was not originally created as a wholly state-owned company. The state's shareholding was subsequently sold to the public in 1991. Irish Life became part of the Irish Life & Permanent group in 1999 through the combination of Irish Life Assurance and Irish Permanent Building Society. The relationship with Permanent TSB ended during Ireland's financial crisis. In March 2012, the Irish state acquired the Irish Life group from Permanent TSB for €1.2 billion as part of the bank's recapitalisation. Great-West Lifeco completed its acquisition of Irish Life from the Irish state in July 2013, placing the business within the wider Great-West Lifeco and Power Financial Corporation group structure. Irish Life's current business model combines insurance and long-term savings with investment management and advice. It serves more than 1.6 million customers according to the cited reference material, representing more than one-third of adults in Ireland. Products and services include individual and workplace pensions, defined-contribution schemes, life and health cover, income and family protection, investment products, and employer wellbeing programmes. Irish Life Investment Managers is the group's appointed asset manager and manages life assurance and pension assets across multiple asset classes and investment solutions. The reference material reports assets exceeding €131 billion at 31 December 2024; this figure is time-specific and should not be treated as a current or perpetual value. The brand also uses community health and sporting partnerships to connect its insurance and savings proposition with preventative health and wellbeing. Its Irish Life GAA Healthy Clubs programme, launched with the Gaelic Athletic Association in 2015, supports clubs seeking to improve the physical, mental and community wellbeing of members. Since 2022, Irish Life has been title sponsor of the Dublin Marathon and the associated Dublin Race Series. These activities reinforce a positioning centred on helping customers live healthier lives and prepare financially for the future. In 2016, Irish Life expanded its health-insurance presence through the formation of Irish Life Health after acquiring Aviva Health and purchasing the remaining interest in GloHealth. In 2020, FNZ acquired Irish Progressive Services International, a life and pensions technology and administration business that had previously been associated with Irish Life. In 2023, Unio Financial Services was formed through the combination of Invesco, Acumen and Trust, and APT, supported by Great-West Lifeco. Through these businesses, Irish Life combines direct customer propositions with institutional investment, administration, advice and employer services.
History
Irish Life's roots lie in the consolidation of Irish insurance businesses during the economic and financial difficulties of the 1930s. Four companies identified as predecessors were City of Dublin Assurance, incorporated in 1925; Irish Life and General Assurance, incorporated in 1923; Irish National Assurance, incorporated in 1919; and Munster and Leinster Assurance, incorporated in 1929. Their combination produced the Irish Life assurance company in 1939. The new organisation also incorporated Irish operations formerly connected with British insurers including Prudential Assurance, Britannic Assurance, Liverpool Victoria, Pearl Assurance and Refuge Assurance Company. Its operating practices were strongly influenced by Prudential, described in the reference material as the largest component of the consolidation. Ownership evolved over the following decades. In 1939, the relevant government minister held 18% of the company's shares. After restructuring and the purchase of shares held by British life assurance companies in 1947, the Irish state held approximately 90.25%. Those shares were released onto the market in July 1991, ending the state's dominant direct shareholding. The Irish insurance market later became intertwined with the history of Insurance Corporation of Ireland and Irish Permanent. Insurance Corporation of Ireland Life, the life-assurance subsidiary of Insurance Corporation of Ireland, was sold to Prudential after the Irish state addressed the parent company's debts. Prudential's Irish life operation eventually passed to Irish Permanent Building Society and traded as Progressive Life. In 1999, Irish Life Assurance and Irish Permanent Building Society combined to create Irish Life and Permanent Group, and the Progressive Life and Irish Life Assurance operations were integrated. The 2008 financial crisis reshaped the group's ownership. In March 2012, during Ireland's banking crisis, the Irish state purchased the Irish Life group from Permanent TSB for €1.2 billion as part of the recapitalisation of Permanent TSB. This transaction separated Irish Life from its previous association with PTSB. Great-West Lifeco completed its acquisition of Irish Life from the Irish state in July 2013. Irish Life has since operated within the Great-West Lifeco group, which is itself part of the Power Financial Corporation group. Following the change in ownership, Irish Life developed as a diversified financial services group rather than a pure life-assurance company. Its activities expanded across individual and workplace pensions, defined-contribution plans, life and health insurance, protection, investment products, employer risk solutions and wellbeing programmes. Irish Life Investment Managers became the group's appointed investment manager, serving life-assurance and pension mandates across a broad range of asset classes. The group also developed or supported advice businesses, including Unio for personal and corporate wealth-management advice and Cornmarket. A significant later step was the 2016 creation of Irish Life Health. This followed the acquisition of Aviva Health and the purchase of the 51% of GloHealth that Irish Life did not already own. The transaction strengthened Irish Life's position in Irish private health insurance. In 2020, FNZ acquired Irish Progressive Services International, a technology and solutions provider for life and pension businesses that had previously been associated with Irish Life and Permanent and Irish Life. Irish Life has also built a public-facing health and community profile. In 2015 it partnered with the GAA to establish the Irish Life GAA Healthy Clubs initiative, supporting clubs that address physical, mental and community health. In 2022 the company became title sponsor of the Dublin Marathon and the Dublin Race Series. In 2023, Unio Financial Services was formed through the combination of three wealth-management and employee-benefit businesses—Invesco, Acumen and Trust, and APT—with Great-West Lifeco backing. Today Irish Life presents itself as a multi-line Irish financial services group serving individuals, employers and affinity groups across protection, health, retirement and investment needs.
- 2023
Unio Financial Services is established
[1]Invesco, Acumen and Trust, and APT came together to form Unio Financial Services with Great-West Lifeco backing.
- 2022
Irish Life becomes Dublin Marathon title sponsor
[1]The sponsorship extended to the Dublin Race Series, which leads runners through progressively longer events toward the marathon.
- 2020
IPSI is sold to FNZ
[1]FNZ acquired Irish Progressive Services International, a life and pensions technology and solutions provider.
- 2016
Irish Life Health is formed
[1]Irish Life formed its health-insurance business after acquiring Aviva Health and the remaining stake in GloHealth.
- 2015
Irish Life GAA Healthy Clubs launches
[1]Irish Life and the GAA launched a programme helping clubs promote holistic health in their membership and communities.
- 2013
Great-West Lifeco acquires Irish Life
[1]Great-West Lifeco completed its purchase of Irish Life from the Irish state.
- 2012
Irish state acquires the group from Permanent TSB
[1]The state purchased Irish Life for €1.2 billion as part of the recapitalisation of Permanent TSB during the Irish financial crisis.
- 1999
Irish Life and Permanent Group is formed
[1]Irish Life Assurance and Irish Permanent Building Society merged, and Progressive Life and Irish Life Assurance operations were combined.
- 1991
State shareholding is released to the market
[1]The Irish state's shares in Irish Life were released on the market.
- 1947
The Irish state becomes the dominant shareholder
[1]Following restructuring and the purchase of shares held by British life insurers, the government holding reached approximately 90.25%.
Products and positioning
A broad Irish financial services provider focused on protection, health, retirement, investment and workplace financial wellbeing, with a consumer-facing emphasis on helping people build healthier lives and better financial futures.
Life insurance
Life assurance and protection
Irish Life's protection business covers life assurance and related personal-risk needs. Its proposition is aimed at individuals and families seeking financial support for dependants and protection against major life risks. The group also provides employer risk solutions, extending the protection proposition into workplace and affinity-group arrangements.
Retirement savings
Pensions
Irish Life provides individual and workplace pension products, including defined-contribution arrangements. These products are designed to accumulate and invest retirement savings over the long term, with services for both personal customers and employers establishing or managing workplace schemes.
Health insurance · 2016
Health insurance
Irish Life Health is the group's health-insurance business, created in 2016 after Irish Life acquired Aviva Health and purchased the remaining interest in GloHealth. It forms part of the group's wider health, protection and wellbeing offering in Ireland.
Asset management
Investment management
Irish Life Investment Managers is the appointed asset manager for the Irish Life group. It manages life-assurance and pension assets through a range of asset classes and investment solutions and also supports the group's long-term savings and retirement propositions.
Workplace financial services
Employer financial wellbeing and benefits
For employers and affinity groups, Irish Life provides risk, defined-contribution pension, health-insurance and wellbeing solutions. These services extend beyond individual insurance into workplace benefits, retirement administration and programmes intended to support employee health and financial security.
Financial advice
Financial advice and wealth management
The group is associated with financial advice through businesses including Unio, which provides wealth-management advice to personal and corporate clients, and Cornmarket. These businesses complement Irish Life's insurance, pension and investment products with advisory and intermediary services.
Marketing campaigns
- 2022Irish Life Dublin Marathon sponsorship
Ireland
Irish Life became title sponsor of the Dublin Marathon. The arrangement also covers the Dublin Race Series, a sequence of summer races increasing from 10 kilometres to a half marathon before the marathon in late October.
Outcome. Ongoing title sponsorship
- 2015Irish Life GAA Healthy Clubs
Ireland
Irish Life partnered with the Gaelic Athletic Association to develop a health-and-wellbeing programme for GAA clubs. The initiative supports clubs in addressing the holistic health of members and the wider communities they serve.
Outcome. Ongoing community health and wellbeing partnership
Brand decisions
2020
Sale of Irish Progressive Services InternationalM&ABackground
IPSI provided technology and solutions for life and pension businesses and had been associated with Irish Life.
Action taken
FNZ acquired Irish Progressive Services International from Irish Life.
Aftermath
IPSI became part of FNZ's global platform and technology business.
2016
Expansion into health insuranceM&ABackground
Irish Life sought to build a stronger presence in the Irish health-insurance market.
Action taken
Irish Life acquired Aviva Health and purchased the 51% of GloHealth that it did not already own, forming Irish Life Health.
Aftermath
Health insurance became an established component of the group's broader protection and wellbeing portfolio.
2013
Great-West Lifeco acquisitionM&ABackground
After the state's temporary ownership of Irish Life, Great-West Lifeco pursued the acquisition of the group.
Action taken
Great-West Lifeco completed the purchase of Irish Life from the Irish state.
Aftermath
Irish Life became part of the Great-West Lifeco group and, through it, the Power Financial Corporation group.
2012
State acquisition during the Permanent TSB recapitalisationM&ABackground
The transaction took place during Ireland's financial crisis, when Permanent TSB was being recapitalised.
Action taken
The Irish state bought the Irish Life group from Permanent TSB for €1.2 billion.
Aftermath
The transaction ended Irish Life's association with PTSB and was followed by its sale to Great-West Lifeco in 2013.
Acquisition consideration. €1.2 billion (March 2012)
Recent events
Irish Life completes acquisition of Ark Life[2]
Reported:
Irish Life completed its acquisition of Ark Life Assurance Company from ReAssure Limited, part of Phoenix Group Holdings.
GAA Healthy Club Project and Irish Life partner on wellbeing challenge[3]
Reported:
The GAA Healthy Club Project partnered with Irish Life for a three-week wellbeing challenge via the MyLife app. The challenge was due to begin on October 10, with Irish Life set to donate €10,000 to Samaritans Ireland if participants collectively recorded 30,000 days of activity between October 10 and 30.
Phoenix Group announces sale of Ark Life Assurance Company[4]
Reported:
Phoenix Group announced an agreement to sell Ark Life Assurance Company DAC to Irish Life Group Limited for €230 million (£197 million), subject to customary regulatory and anti-trust approvals. Completion was expected by early 2022.
Sources4 sources
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