IRISH Life's new development director Mr Peter Fullam has made a profit of £38,500 through exercising share options and then selling his new shares.

Mr Fullam, who was appointed last week to accelerate the expansion of the life assurance group, exercised options to buy 50,000 Irish Life shares. He paid 194p per share, spending £97,000. He then sold his new shares on the market at 271p and 271 1/2p each, generating just over £135,500.

Following the transaction Mr Fullam owns 9,367 Irish Life shares and has options over a further 194,969 shares.