asked the Minister for Finance if he will give for each year since 1970 inclusive (a) the amount of dividends paid to the State by Irish Life (b) the net profit after tax and finance charges for Irish Life (c) the turnover of Irish Life and (d) the amount of Government subvention, investment or other non-loan payment from the Exchequer to Irish Life.
Written Answers. - Irish Life.
33.
The information requested is set out in the following table:
|
Year |
Gross Dividend to State |
Profit After Tax (b) |
Premium Income (c) |
Government Subvention (d) |
|
£000's |
£000's |
£000's |
£000's |
|
|
1970 |
43 |
80 |
16,448 |
— |
|
1971 |
47 |
90 |
19,511 |
— |
|
1972 |
36 (note (a)) |
40 |
28,546 |
— |
|
1973 |
42 |
47 |
40,781 |
— |
|
1974 |
50 |
42 |
31,632 |
— |
|
1975 |
59 |
37 |
39,910 |
— |
|
1976 |
69 |
56 |
51,694 |
— |
|
1977 |
84 |
73 |
50,715 |
— |
|
1978 |
103 |
109 |
97,929 |
— |
|
1979 |
129 |
153 |
105,883 |
— |
|
1980 |
161 |
215 |
124,907 |
— |
|
1981 |
193 |
300 |
181,050 |
— |
|
1982 |
243 |
339 |
196,082 |
— |
|
1983 |
300 |
381 |
239,169 |
— |
|
1984 |
360 |
511 |
340,599 |
— |
|
1985 |
411 |
557 |
337,179 |
— |
|
1986 |
476 |
567 |
449,689 |
— |
Notes:
(a) An exceptional capital payment of £1,425,997 was made to the Minister for Finance in 1972 in respect of his shareholding under an arrangement through which the proportionate distribution of surplus as between policyholders and shareholders was amended.
(b) As per the profit and loss account.
(c) For the purpose of this response "turnover" has been taken to mean total premium income.
(d) No Government subventions or investments were made during the period.
(e) In 1980 a transfer of IR£300,000 from the General Reserve Account to the Share Capital Account was made and was then utilised in paying up the uncalled share capital, thus making each IR£5 share fully paid. Each share was then split into five shares of IR£1 each.