Irish Life Group

Team size: 15

What are the most significant cases and/or transactions that your legal team has recently been involved in?

Our team has supported several key strategic initiatives over the last year, across our insurance, investments and intermediary businesses. For example, our commercial legal team continued to provide the legal support required to allow our businesses embrace AI and technology solutions and digitisation across our businesses, to help gain efficiencies and improve our claims processes and customer experiences.

That team also supported the continuing work on the transition of group pension schemes into the Irish Life Empower Master Trust, as well as the establishment of a Master Trust for one of our intermediary businesses. The team supported our health business to enable it to be the first Irish health insurer to give members direct access to specialist female health advice. The team has been key in supporting our sustainability strategy.

On the transactional side, our M&A team supported a number of key strategic projects, including the court approved portfolio transfer of a significant book of business by Irish Life, to the life and pensions joint venture owned by Irish Life and AIB. Over the course of 2023 and early 2024, that team also supported a number of intra-group restructurings and business transfers as well as a key strategic acquisition for one of our intermediary businesses.

The team also protected the group through a steady and well-managed litigation practice.

The legal team has representatives on various different working and practice groups across the organisation, in relation to key areas such as AI and the Central Bank’s Individual Accountability regime and sustainability, giving opportunity for the legal function to provide input and guidance to the business on a broad range of matters. Individuals on the legal team have a wealth of experience and knowledge, and their training and professional background makes them an excellent fit for these groups.

How have you attempted to bring the legal department closer to your business colleagues?

We have implemented a legal business partner model in the Irish Life Group, which has helped to maximise the impact and efficiency of resources on the legal team. This in turn means that we can better understand the businesses that we support, provide broader insights beyond the pure management of legal risk and also properly resource and advance the strategic priorities of those businesses. The legal team is seen as a critical partner in the delivery of the wider group’s strategy.

What are some of the main legislative or regulatory changes that have impacted you?

The increasing importance of sustainability across our businesses and legislative developments, including the Corporate Sustainability Reporting Directive, have required increasing legal input and focus. The introduction by the Central Bank of Ireland of the Individual Accountability Framework has also required significant legal support and our team is currently providing advice on the provisions of the Auto Enrolment Retirement Savings System Bill, which, once enacted, will result in the most significant change in supplementary pension policy for decades.