Permanent TSB Group Holdings Plc, the Irish lender owned by the government, said its annual loss more than doubled as dwindling gains from buying back its own debt outweighed a decline in provisions for bad loans.
Great-West Lifeco Inc., Canada’s second-largest insurer, agreed to buy Irish Life Group Ltd. for C$1.75 billion ($1.73 billion) from Ireland’s government as it seeks to expand European operations. Shares climbed the most in almost seven months.
JC Flowers & Co LLC, short-listed last year in Ireland’s shelved sale of Irish Life Group Ltd., is still interested in buying the nation’s largest life insurer, an executive at the U.S. investment firm said.
Irish Life Group Ltd. Chief Executive Officer Kevin Murphy postponed his plans to retire at the end of 2012 as the government revived talks to sell the state-owned insurer to Canada’s Great-West Lifeco Inc.
Irish Life & Permanent Plc , the nation’s only government-guaranteed bank to avoid a bailout, is weighing a sale of its profitable life assurance and investment management units, three people with knowledge of the talks said.