Financial firm scales down its operations

Financial services company IFG is to continue to reduce its involvement in the Irish insurance market as it focuses more so on its UK operations.

The company says it continues to explore options to divest its interest in the Irish market which is part of its non-core business.

Its goal of divesting non-core parts of the business and building a new management team during 2014 as part of its repositioning has been achieved, says chairman John Gallagher.

Sales of assets in the UK, its Irish pension and advisory business and other smaller advisory administration businesses here also helped strengthen its balance sheet.

Trading over the opening three months of the year was in line in expectations with new business helping its core businesses of James Hay and Saunderson House.

“IFG is strongly positioned with two profitable businesses in attractive markets and has a strong liquid balance sheet to support further growth and investment,” said Group chief executive Paul McNamara.

In its interim management statement released yesterday to coincide with the group’s AGM, IFG said it is on track to deliver growth in profitability in 2015 with £21.2bn (€29.56bn) of assets now under administration.

James Hay assets have grown from £16.4bn at the end of December to £17.3bn in March while Saunderson House assets grew by £200,000.

While the group’s growth strategy is primarily organic its partnerships will augment growth particularly in the second half of the year, it said.

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