Extension of the Darta Saving Service Contract - January 2007
Darta Saving Life Assurance Ltd (Darta Saving) & Irish Progressive Services International Ltd (IPSI) have renewed their contract for a 5 yr period to January 2012. The Darta contract is valued at over €16m to IPSI. Supporting clients in over 12 countries in Europe and providing a one stop support service for all their business needs, IPSI has links with more than 50 worldwide fund managers and prices in excess of 400 funds on a daily basis.
IPSI - A record year in 2005 - January 2006
Irish Progressive Services International Limited (IPSI), the third party services company owned by Irish Life & Permanent plc reports that 2005 was a record year in its business. New Business premiums accepted by IPSI on behalf of its clients in 2005 amounted to over €2.1 billion while total funds under management at year end 2005 amounted to just under €7.3bn.
This represents a year-on-year growth of 28% in new business premiums and almost 30% in funds under management. At the end of 2005, IPSI managed in excess of 350,000 policies on behalf of its clients and employed 118 people, up from 110 at the end of 2004.
Aegon Conversion - 1st September 2005
We have successfully converted a portfolio of life assurance business purchased by our client, Montepaschi Life (Ireland) Limited. The transfer to Montepaschi Life's systems - managed on it's behalf by IPSI - took place on the 11th August 2005.
The converted business is a book of unit linked savings plans, sold in Italy over a number of years , by a non-Italian company operating through a branch. Annual premium is approximately 1M Euro and this is now transferred to Montepaschi Life's Irish licence.