Irish Life contributed €36m profit to its Canadian parent company Great-West Lifeco in the second quarter, representing a fall of €9m on the same period in 2015.

The financial services company, which has recently taken a significant share of the Irish health insurance market with the acquisition of Aviva Health and GloHealth, has around one million customers here.

Irish Life said one of the key contributors to its Q2 performance was the success of Irish Life Investment Managers, which continued to expand its business in Ireland and internationally.

Assets under management by the firm grew by 11% to just over €60 billion during Q2, with international clients across Europe, US and Canada now accounting for around 35% of the total assets under management.

Irish Life also grew its corporate pensions business with the establishment of two significant Irish Life Empower schemes, each with over 2,000 members.

This development made a significant contribution to sales growth in the quarter.

Commenting on Irish Life’s performance, Irish Life Group CEO David Harney said: “Our main focus during the quarter was on progressing the transactions to acquire Aviva Health and assume control of GloHealth.

“Earlier this week we announced the establishment of Irish Life Health and we are now in the process of integrating the two companies under the new brand.

“This is a very significant development for Irish Life Group and a good fit with our existing life and pensions business as we expand our financial services portfolio in the Irish market,” Mr Harney added.

Irish Life has been part of the Great-West Lifeco group of companies since 2013.