AIB has held a beauty parade that pitched long-term partner Irish Life against rival insurance companies in a contest to provide the bank’s 2.8 million customers with a wider selection of pension, investment and protection products.
Under plans confirmed by chief executive Colin Hunt last week, AIB aims to reduce its reliance on interest income by re-entering the life insurance business, a sector it abandoned almost a decade ago. The plan is to establish a joint venture-style alliance with an insurance partner in which AIB will own the customer relationships.
AIB declined to comment on Hunt’s plans. Irish Life also declined to comment.
The new alliance will replace a tied agency with Irish Life that has existed since 2012. This arrangement can be terminated by