Irish Life contributed €57m to its parent company’s profits in the first quarter of the year – up 54% on the same period of last year.

The company, which was split from Permanent TSB and sold to Canada’s Great-West Lifeco for €1.3bn in 2013, said assets under its management exceeded €50bn for the first time at the end of the quarter.

It also reported strong growth in its multi-asset portfolio strategies, which it said has doubled in size in the past six months.

Irish Life said it had also been awarded with the contract to manage the €2bn in assets and investments of Ark Life.

In its overall results, Great-West Lifeco announced earnings of $700m, up 19% year-on-year. This was based on sales of $27.1bn in the period.