The joint venture brings together Hibernian Life & Pensions, the third largest company in the Irish long-term savings market, and AIB's Ark Life Assurance Company, the fourth largest.

After the joint venture is established, AIB said a combination of the return on capital released when fully reinvested in the business, the commission income from the continued distribution of products and share of the joint venture profits is expected to have a broadly neutral effect on earnings per share.

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