Irish Life & Permanent

RichardAnd

I have a few friends who work for Irish life and apparently, things are getting a little bit wild in there right now, not surprising. Apparently, sales of insurance and such are really down and most calls seem to be customers basically asking if the organisation is going to blow up in the near future. Worrying allright

What I'd like to know is just has happened to Irish Life because I was under the impression that they fairly sound, in the current context of the word. Further, what about Irish Life employees, are there job cuts on the cards at all?

I've already seen more than one friend loose their job, I'm hoping I won't soon have to see more

Guinness69

Anyone having problems with their IL&P TSB CR CARDS today. They weren't working today in the clonee/dunboyne area today?

macannrb

RichardAnd wrote: »

I have a few friends who work for Irish life and apparently, things are getting a little bit wild in there right now, not surprising. Apparently, sales of insurance and such are really down and most calls seem to be customers basically asking if the organisation is going to blow up in the near future. Worrying allright

What I'd like to know is just has happened to Irish Life because I was under the impression that they fairly sound, in the current context of the word. Further, what about Irish Life employees, are there job cuts on the cards at all?

I've already seen more than one friend loose their job, I'm hoping I won't soon have to see more

The insurance arm is profitable and is actually performing well in general terms I gather. AFAIK the general plan is to sell the Insurance arm so that it brings in money to recapitalise the bank side. So that would mean it wouldn't be effected by the banking at all in future. I don't know when it is scheduled to do that though

tenchi-fan

Just saw the op's post thanks to the bump.

Guinness69, you're referring to PTSB credit cards. Probably just a technical error, it's not related to this thread.

Op, the callcentre employees should be fine for the moment! Plenty to keep them busy. Even if the life company is sold they will still be employed to service the life policies.

The telesales team has already been pruned since the recession began - mainly by people leaving and not being replaced (no one stays in telesales long!)

The bank employees won't be so lucky.. big job cuts on the cards for PTSB staff.

As to what happened to Irish Life. Times were already challenging as people don't have as much money to save, invest, put into their pension and pay for life cover.

But what REALLY messed things up for Irish Life was the acquisition of TSB. It acquired the bank hoping to sell Irish Life products to TSB customers.

The banks losses are so huge and it's net worth is MINUS several billion that it took the successful life company down with it. So basically the group "Irish Life and Permanent" will sell the profitable "Irish Life" bit, which will continue in business, just under different ownership.

What's left (the bank) will be nationalised. The cost to the country will be reduced by the proceeds from the sale of Irish Life.

Trampas

The life company will be snapped up as biggest player in the market.

job losses with happen. how many depends on buyer

Dave!

Irish Life International, a subsidiary of IL&P, was bought by Sweden's SEB Life

http://www.irishtimes.com/newspaper/finance/2011/0224/1224290732986.html