Original figure stood at €180 million when venture was announced two years ago via IrishTimesBiz
AIB Life is creating 100 new jobs in customer service, technology, finance, compliance, risk and actuary at its Central Park office in Leopardstown, Dublin 18, and in Letterkenny, Co Donegal, and expects to grow further over the next three years. AIB and Great West Lifeco, which owns Irish Life, are each contributing about 15 staff, though most of their original roles in the respective companies are being backfilled.
AIB Life is led by chief executive, Bryan O’Connor, who has worked with AIB since 1990, while Tom Foley, a chartered accountant and former senior banker, is its chairman. Irish Life bought Ark Life from London-based Phoenix Group for €230 million in cash in November 2021. Ark Life changed its legal name late last year to Irish Life Arc Dublin.AIB had been receiving about €20 million in commissions a year from its tied-agent arrangement with Irish Life. The new venture is expected to generate “multiples” of that amount for AIB within years, sources previously said.
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