Life Assurance
Irish Life is Ireland’s leading life and pensions
company with a domestic market share of over 20%. 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 280 strong direct sales force 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,
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 and brokers including Cornmarket
Group Financial Services. Cornmarket specialises in the provision of
financial advice and products to affinity groups in the public sector
and is a 75% subsidiary.
Banking
permanent tsb is Ireland’s largest residential mortgage
provider with a market share in excess of 20%. Residential mortgages
account for over 80% of the loan book with the balance consisting of
personal finance – mainly secured auto finance – and commercial mortgages.
At 31 December 2003, permanent tsb had approximately
160,000 mortgage accounts.
The personal finance business is transacted through permanent
tsb Finance which has exclusive agreements
with some of the top motor dealer franchises in Ireland – BMW, Opel
and Nissan. permanent tsb Finance has between 15% and 20% of the new
auto finance market in Ireland.
In addition to mortgage products the bank provides a range of savings
and other banking products including current accounts. It had over 1.4
million savings accounts as at 31 December 2003. permanent tsb
operates a nationwide network of 104 branches and 55 agencies. Its products
are also distributed through independent mortgage brokers and by the
direct sales force of Irish Life. |
