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Irish Life company logo
Corporation
FINANCE | Asset/Financial Management
irishlife.ie

Investments

1

Portfolio Exits

1

Partners & Customers

10

About Irish Life

Irish Life operates as a company focusing on life insurance, pensions, and investments in the financial services industry. The company offers life insurance, health insurance, retirement pensions, and investment services to help individuals plan for their financial future. It primarily serves the financial services sector. the company was founded in 1939 and is based in Dublin, Ireland.

Headquarters Location

Irish Life Centre Lower Abbey Street

Dublin,

Ireland

+353 (0)1 704 1010

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Latest Irish Life News

Mortgages, energy and fuel prices: What’s coming for consumers in 2024

Jan 12, 2024

   Consumers won’t look back on 2023 with much affection. We had to deal with high inflation , several interest rate hikes , rising health insurance costs and an ongoing energy crisis. Is 2024 going to be any better? Daragh Cassidy of independent price comparison and switching site Bonkers.ie says while there will be some good news for consumers in 2024, don’t get your hopes too high. Energy On the energy front, the arrival of a new supplier, Yuno Energy, at the end of last year helped spark some competition in the sector. In the October budget , the Government agreed to keep the reduced 9% rate of Vat on energy bills for another year, as well as announcing a new €450 electricity credit. The main energy suppliers announced a series of price reductions in the latter half of last year. These should continue into the second half of the year. “This means that by the end of 2024, we should see energy prices around 30% to 35% below where they were at the start of 2023" Mr Cassidy said. However, this would still leave prices about 50% above where they were in early 2020, before covid and then the war in Ukraine wreaked havoc with energy prices. And prices may never return to these levels, unfortunately.” While last year saw some good news for energy consumers, those with mortgages did not fare quite so well. In early 2021 it was possible to get a mortgage rate as low as 1.90% in Ireland, albeit with several caveats. The current lowest rate is 3.65% — a green rate — while the average, according to the Central Bank, is 4.27%. Thankfully it looks as if the ECB has come to the end of its rate hike cycle… The question now turns to when the ECB might start to cut rates, and by how much. "The markets seem convinced that the ECB will have to start cutting rates as soon as March or April due to plummeting inflation and a flagging eurozone economy. However, it may be a bit later than this.” Petrol and diesel Then there’s petrol and diesel. From a year high of about €1.85 a litre in September, petrol and diesel prices have eased slightly in recent weeks due to a fall in the price of oil and a slightly weaker dollar — oil is largely bought and sold in dollars on international markets. From next April, excise duty is due to increase by 8 cent a litre on petrol and by 6 cent a litre on diesel as a result of the final reversal of excise duty cuts. This means fuel prices have ended the year close to where they started, at around €1.75 a litre. However, from next April, excise duty is due to increase by 8 cent a litre on petrol and by 6 cent a litre on diesel as a result of the final reversal of excise duty cuts that were introduced by the Government in March 2022 at the height of the energy crisis. And in October another increase in the carbon tax will see just under 3 cent added to a litre of petrol and diesel.” It’s also likely oil will increase at least slightly in price next year as Opec looks to support prices by cutting output, while the euro is unlikely to strengthen much further against the dollar. All told, it means prices could start nearing €2 a litre at the pump again as we head into the second half of next year. Communications On the communications front, Mr Cassidy expects broadband, mobile and TV services will all become more expensive next year. Every year, Vodafone increases the price of its plans by inflation plus 3%. Where does this 3% come from? It’s based on "ongoing investments we make in our… networks, products and services". You have to wonder what they’re doing with the rest of the money we pay them. In any case, Eir has also started doing the same thing. With the rate of inflation for 2023 likely to come in at about 6%, Eir and Vodafone customers will see their bills jump by close to 10% in April, when the rise takes effect. How do you beat these price rises? Switch providers. Mr Cassidy points out there are lots of good deals on offer at the moment. “Some streaming services are likely to increase in price yet again as these services continue to spend a fortune on producing more and more content for insatiable viewers. Our money is on Disney+, Apple TV+ and Paramount+ upping their prices towards the end of next year.” Motor and health insurance A recent report from the Central Bank showed the cost of motor insurance fell by 7% in 2022 versus 2021, as reforms aimed at tackling excessive personal injury payouts seem to be working. The average motor insurance premium in 2022 was €568. It fell to €555 in the final quarter of that year. In 2023, premiums held reasonably steady, up by just 1.8%, according to the CSO. “Looking forward to next year, it's likely premiums will stay reasonably steady as falling inflation and the aforementioned insurance reforms keep premiums in check," Mr Cassidy said. As always, it's important you shop around for the best value as new customers can still make big savings by switching. While motor insurance has taken a breather in its upward climb, the same can’t be said for health insurance. Last year saw the three health insurers (VHI, Irish Life, and Laya — now Axa) announce several price hikes. “And 2024 will start off on a bum note for Irish Life customers as the insurer increases its prices by 4.8% from January. This comes on the back of two other recent hikes from Irish Life which will leave some of its plans 20% more expensive for those renewing.” Daragh Cassidy believes the worst of the cost-of-living crisis is behind us and this year we should see inflation continue to ease. Insurers blame the recent premium hikes on a big increase in the number of claims and those seeking care in private hospitals. And it's likely 2024 will see yet more premium hikes as medical inflation and the cost of delivering healthcare get ever higher. “It's fair to say household finances have taken a bit of a battering over the past two years,” said Mr Cassidy. Since 2001, food costs have jumped around 20%. And the introduction of minimum unit pricing on alcohol has seen some cheaper wine and beer shoot up in price. Tolls have gone up. Broadband, TV and streaming service prices have risen. Even after the energy price cuts we saw in October and November, gas and electricity prices are still around double normal levels. All told, the average household is around €3,500 a year worse off. And that’s before you even take mortgage rate hikes into account… Not all gloom and doom It’s not all gloom and doom, however. Daragh Cassidy believes the worst of the cost-of-living crisis is behind us and this year we should see inflation continue to ease while falling gas and electricity prices and falling interest rates should ease the burden on many consumers.

Irish Life Investments

1 Investments

Irish Life has made 1 investments. Their latest investment was in Invesco as part of their Corporate Minority on April 20, 2018.

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Irish Life Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

4/20/2018

Corporate Minority

Invesco

Yes

3

Date

4/20/2018

Round

Corporate Minority

Company

Invesco

Amount

New?

Yes

Co-Investors

Sources

3

Irish Life Portfolio Exits

1 Portfolio Exit

Irish Life has 1 portfolio exit. Their latest portfolio exit was Irish Life - Technology Division on February 10, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

2/10/2020

Divestiture

Irish Life - Technology Division

$99M

1

Date

2/10/2020

Exit

Divestiture

Companies

Irish Life - Technology Division

Valuation

$99M

Acquirer

Sources

1

Irish Life Acquisitions

7 Acquisitions

Irish Life acquired 7 companies. Their latest acquisition was Ark Life Assurance Company on July 13, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

7/13/2021

$99M

Acquired

4

12/7/2020

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$99M

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10

9/13/2020

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$99M

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10

3/2/2020

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$99M

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10

10/30/2019

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$99M

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10

Date

7/13/2021

12/7/2020

9/13/2020

3/2/2020

10/30/2019

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acquired

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Sources

4

10

10

10

10

Irish Life Partners & Customers

10 Partners and customers

Irish Life has 10 strategic partners and customers. Irish Life recently partnered with Deloitte on March 3, 2023.

Date

Type

Business Partner

Country

News Snippet

Sources

3/31/2023

Client

United Kingdom

Deloitte chooses Irish Life building on Adelaide Road for new Dublin HQ

Big Four accounting firm Deloitte has chosen Irish Life 's building at 1 Adelaide Road in Dublin 2 as its preferred location for a new headquarters in Dublin .

1

3/23/2023

Vendor

Ireland

Yonder secures Irish Life deal

Yonder , a Dublin-based fintech , has secured a partnership with Irish Life to provide exclusive access for its customers to Irish Life 's health insurance and pension products .

1

3/23/2023

Partner

United States

Irish-founded platform Yonder signs deal with Irish Life – The Irish Times

Irish-founded platform Yonder has signed a deal with Irish Life to help companies and their Irish-based employees access health insurance and retirement benefits .

1

9/23/2022

Vendor

United States

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10

2/21/2022

Partner

United States

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10

Date

3/31/2023

3/23/2023

3/23/2023

9/23/2022

2/21/2022

Type

Client

Vendor

Partner

Vendor

Partner

Business Partner

Country

United Kingdom

Ireland

United States

United States

United States

News Snippet

Deloitte chooses Irish Life building on Adelaide Road for new Dublin HQ

Big Four accounting firm Deloitte has chosen Irish Life 's building at 1 Adelaide Road in Dublin 2 as its preferred location for a new headquarters in Dublin .

Yonder secures Irish Life deal

Yonder , a Dublin-based fintech , has secured a partnership with Irish Life to provide exclusive access for its customers to Irish Life 's health insurance and pension products .

Irish-founded platform Yonder signs deal with Irish Life – The Irish Times

Irish-founded platform Yonder has signed a deal with Irish Life to help companies and their Irish-based employees access health insurance and retirement benefits .

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Sources

1

1

1

10

10

Irish Life Team

9 Team Members

Irish Life has 9 team members, including current Chief Executive Officer, Declan Bolger.

Name

Work History

Title

Status

Declan Bolger

Canada Life

Chief Executive Officer

Current

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Name

Declan Bolger

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Work History

Canada Life

Title

Chief Executive Officer

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Status

Current

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