Business
Great-West Lifeco subsidiary, Irish Life, reaches agreement to acquire Ark Life Assurance Company
Great-West Lifeco subsidiary, Irish Life, reaches agreement to acquire Ark Life Assurance...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n \n \n \n Great-West Lifeco subsidiary, Irish Life, reaches agreement to acquire Ark Life Assurance Company\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX:GWO\n \n \n \n \n WINNIPEG, MB\n \n ,\n \n July 13, 2021\n \n /CNW/ - Great-West Lifeco Inc. (Great-West Lifeco) subsidiary Irish Life Group Limited (\n \n Irish Life\n \n ) has reached an agreement to acquire Ark Life Assurance Company dac (Ark Life) from Phoenix Group Holdings plc for a total cash consideration of €230 million, in a transaction which will see approximately 150,000 policies and €2.1 billion in assets move to\n \n Irish Life\n \n .\n \n \n \n \n \n \n \n \n \n \"As a leading provider of life insurance, pensions and investments in\n \n Ireland\n \n , this acquisition adds significant scale to\n \n Irish Life's\n \n retail division,\" said\n \n Paul Mahon\n \n , President and Chief Executive Officer, Great-West Lifeco. \"Together with focused execution on our strategy, this transaction enhances our ability to provide customers with market-leading wealth and insurance solutions.\"\n \n \n \"Our ambition is to grow our business both organically and through acquisitions where we see a strong commercial and cultural fit,\" said\n \n Declan Bolger\n \n , Chief Executive Officer, Irish Life Group. \"Our existing relationship with Ark Life means we are ideally placed to continue to offer excellent customer service for policy holders, including access to enhanced digital services.\"\n \n \n Ark Life is closed to new business, and manages a range of pensions, savings and protection policies for its customers in the Irish market.\n \n \n This transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close by early 2022.\n \n \n \n About Great-West Lifeco Inc.\n \n \n Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance b...