Irish Life Investment Managers (ILIM) increased its after-tax profit by 51 per cent to €22.1 million in 2015, a year when its assets under management rose by 15 per cent to €52.5 billion.

Accounts just filed for Irish Life Investment Managers Ltd show its fee income rose to €58.1 million from €49.4 million in 2014. Of this, just under €56 million was generated in the Republic, with the balance coming from the UK, continental Europe and North America.

ILIM charged Irish Life €44 million in fees for acting as its investment manager last year, a rise of 10 per cent on 2014. Its corporation tax bill increased by €1 million to €3.15 million last year.

The accounts show ILIM paid a dividend of €8 million to its immediate parent company, the Canada Life Group UK Ltd. This was down from the €11.4 million it paid in 2014.

ILIM acts as asset manager to the Irish Life group, which is owned by Canadian listed company Great-West Lifeco. It also provides services to a range of corporate, pension and charity clients.

The company employed an average 161 staff during the year, up from 145 in 2014. Total employee costs rose by €2.5 million to €21.5 million during the year. Directors’ remuneration increased by 8.6 per cent to €984,072.

The accounts also note that, after the year end, negotiations began with the former owner of Summit Asset Managers Ltd on extending the earn-out period following its acquisition in 2006. The purchase agreement provided an earn-out period up to the 10th anniversary, which occurred this year but the two parties were in talks to extend it by another seven years.

ILIM received fee income of €500,000 from Summit last year.