Irish Life Sale Suspended (8444S)
November 28 2011 - 2:00AM
UK Regulatory
TIDMIRSH TIDM54HN TIDM74SV
RNS Number : 8444S
Irish Life & Permanent Grp HldgsPLC
28 November 2011
Irish Life & Permanent Group Holdings plc.
Announcement regarding Irish Life
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 EUR32 billion in funds under management.
The company holds EUR704m free assets which is 175% of the minimum
amount required under regulation.
Contact details:
Barry Walsh, Head of Investor Relations: Tel: +353 1 704
2678
Ray Gordon, Gordon MRM: Tel: +353 1 665 0450
This information is provided by RNS
The company news service from the London Stock Exchange
END
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