Irish Life & Permanent Plc - Introduction

Introduction

Irish Life Centre
Lower Abbey Street
Dublin, 1
Ireland
Telephone: +353 1 704-2000
Fax: +353 1 704-1900
Web site: http://www.irishlifepermanent.ie

Public Company
Incorporated: 1998
Employees: 5,294
Total Assets: $36.1 billion (2002)
Stock Exchanges: Irish
Ticker Symbol: IPM
NAIC: 522110 Commercial Banking; 522298 All Other Non-Depository Credit Intermediation; 524113 Direct Life Insurance Carriers

Irish Life & Permanent Plc (ILP) is the Republic of Ireland's third largest financial institution. The combination of Irish Life, Irish Permanent, and TSB Bank, ILP operates in both the insurance and retail banking markets. Irish Life carries out the group's insurance operations and is the country's number one provider of life insurance and pension plans, as well as other savings and investment products for the retail market and, through its Corporate Business Division, provides group pension and other insurance products to corporations and other groups and associations. Together, Irish Life's operations command a 20 percent share of its domestic market. Irish Life's retail insurance products are sold via the company's own direct sales force, other insurance intermediaries, and also through the branch network of ILP's banking arm, permanent tsb. Formed through the merger of Irish Permanent and TSB Bank, permanent tsb offers a full range of personal finance products and services, and is also the country's largest provider of home mortgages. The banking arm operates more than 110 branch offices and 65 agencies throughout the Republic of Ireland. ILP has reoriented its operations since the beginning of the 21st century, selling off its holdings in the United States, France, Hungary, and elsewhere to focus its growth on the Irish market. Listed on the Irish stock exchange, ILP is led by CEO David Went.