IFG Group is to sell its Irish pension and advisory business in a deal worth up to €13.5m.

The financial services firm is to sell the division to risk management firm Willis Ireland for €11.5m, with a further €2m payable in two years if certain revenue targets are met.

IFG Group said the sale does not include its Irish general insurance business, which trades as ARB Underwriting, however it is currently in discussions about also selling this interest.

IFG Ireland chief executive Gary Owens is to join Willis Group as part of the sale, resigning from IFG's board.

The businesses being sold made a pre-tax profit of €100,000 during the first six months of the year, according to the company.

IFG Group as a whole, has announced a pre-tax profit of almost €2.17m during the first half of 2014, down more than 28% on the same period of last year.

This was despite an 8% rise in revenue to €34.1m, with the company pointing to continued investment as the reason for a short-term drop in profitability.