Irish Life contributed a profit of €45m to its parent company Great-West Lifeco during the second quarter of the year.

This was a €7m improvement on the company’s profits for the same period of 2014, and comes two years after it was acquired by the Canadian firm in a €1.3 billion.

Irish Life CEO Bill Kyle said the integration of Canada Life with the business here was now fully complete and represented an investment by the group of €56.5m.

Great-West Lifeco said it now expected to see “annualised synergies” of €48m from the integration of Irish Life, compared to its previous target of €40m.

Overall the company said its earnings had grown by 7% in the second quarter, while it had $1.1 trillion of consolidated assets under administration worldwide.

Aside from Ireland and Canada, Great-West Lifeco also has operations in the United States, Germany and Britain.