IPM Irish Life&P.Gp

TIDMIPM TIDM74SV

RNS Number : 7455B

Irish Life & Permanent Grp HldgsPLC

23 February 2011

Irish Life & Permanent Group Holdings plc

Announcement re sale of Irish Life International Ltd.

4.30pm (GMT) 23(rd) February 2011

Irish Life & Permanent Group Holdings plc ("IL&PGH") has agreed to sell its wholly owned subsidiary, Irish Life International Ltd ("ILI"), to SEB Trygg Liv Holding AB ("SEB Life"). SEB Life is incorporated in Sweden and a subsidiary of the SEB Group, a leading Nordic financial services provider.

ILI sells life assurance and investment products in the European market through an international network of introducers and tied agents. The financial statements of ILI for the year ended 31 December 2009 (the latest audited accounts) show gross assets of the company of EUR1,732m at the year end. The business reported profits after tax of EUR1.1m for the 2009 financial year. Assets under management and premium income in 2010 amount to approximately EUR2bn and EUR370m respectively.

IL&PGH has agreed to sell the entire share capital of ILI for a consideration of EUR26m in cash.

The sale of ILI is consistent with IL&PGH's strategic focus on the Irish market. The proceeds of the sale of ILI will be available to contribute to an increase in the regulatory capital of Irish Life and Permanent plc, the Group's banking subsidiary.

Completion of the agreed sale of ILI is subject to regulatory approvals including that of the Central Bank of Ireland.

For further information contact:

Investor Relations

Barry Walsh, Head of Investor Relations

Tel: +353 1 704 2678

Orla Brannigan, Investor Relations

Tel: +353 1 704 1345

Media

Ray Gordon, Gordon MRM

Tel: +353 1 665 0450

This information is provided by RNS

The company news service from the London Stock Exchange

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