AIB launches €250m joint venture with Great-West Lifeco

The joint venture was first announced in June 2021, with AIB and Irish Life-owner Great-West Lifeco investing a total of €250m in the new entity.

The new company was originally expected to require a €180m investment.

AIB Life will provide life protection, pensions and investment products to AIB customers across Ireland. The bank’s 120 financial advisers nationwide will also provide guidance to customers.

Customers will also gain access to the new AIB life hub through the bank’s mobile banking app.

AIB reported that it has invested in a new range of features that can be used on the app, including predictive tools and personalised content which are set to go live in the coming months.

Following the creation of the venture, there are 100 new roles available in its Central Park office in Sandyford, Dublin, as well as in Letterkenny, Co Donegal. These positions will be focused on customer service, technology, finance, compliance, risk and actuary.

More jobs are expected to be created in the next three years, the bank reported.

“We are delighted to have formed a strong strategic alliance that marries the product and service expertise of Great-West Lifeco with AIB’s market-leading customer franchise, technology and distribution so that we can better support our customers in planning their financial lives,” said AIB chief executive Colin Hunt.

Great-West Lifeco’s Irish head Declan Bolger said the venture “represents another step in growing and diversifying our business in Ireland, helping customers to plan for and secure their financial futures”.

Mr Bolger is also group chief executive of Irish Life.

“Whether [customers] are looking to prepare for retirement, put in place a safety net to protect their loved ones or their business, or looking to invest in a flexible way, we have the product offering, and the digital and in-person capability to support them,” AIB Life boss Byran O’Connor said.