Irish policyholders expecting windfalls from the flotation of Canada Life will be heartened to hear that it has now confirmed the formal proposal to convert will be put to the board early next year. If accepted, the flotation will go ahead at the end of 1999.

Some 50,000 Irish "with profits" policyholders with Canada Life would get free shares worth £2,000 each in a flotation. Investors with Canada Life personal pension plans will not qualify for free shares.