Allied Irish Banks (AIB) is holding a “beauty parade” among several hopeful insurance companies to determine which one the bank would partner as it plans a life insurance business re-entry.
In a recent statement, AIB chief executive Colin Hunt revealed that the bank aims to limit its reliance on interest income by re-entering the life insurance business. To accomplish this, AIB will enter a joint venture-like agreement with an insurer, wherein AIB will own the customer relationships.
Among the insurance companies AIB is eying a partnership with its long-time collaborator Irish Life, which had existed since 2012.
The Sunday Times reached out to both AIB and Irish Life for statements on Hunt’s plans; both have declined to comment.
