Profits at the Irish arm of Aviva, which has a large base in Knocknacarra, have fallen by 75 percent.

The firm's interim results statement for the first six months of this year show that the business recorded an operating profit of 8 million pound.

This year's operating profit of 8 million pound is a fall from 32 million on the same period last year.

This was largely due to the closure of new business involving a joint venture with AIB on 31st March this year, coupled with adverse market conditions.

The firm has undertaken a major restructuring plan in Ireland and in May announced it was seeking around 540 redundancies in areas of its Irish operations over the next three years.

The Galway branch has however secured 220 new jobs for which recruitment began last month [July].

All positions are to be based at the company's existing base in the Gakway West Business Park in Knocknacarra.