Established in 1939, Irish Life is a life and pensions group and investment manager in Ireland, with more than one million customers and EUR37bn (C$50bn) of assets under management.
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According to Great-West Lifeco, the Irish Life name will be retained, and the life and pensions operations of Great-West Lifeco’s Irish subsidiary Canada Life (Ireland) will be combined with the operations of Irish Life.
Commenting on the acquisition, Great-West Lifeco president and CEO, Allen Loney, said: "The acquisition of Irish Life is transformational for our companies in Ireland. It allows us to achieve – with a single transaction – the leading position in life insurance, pensions and investment management, and is consistent with Great-West Lifeco’s global business strategy of developing significant market positions in the sectors where the Company participates,"
"Irish Life employs a similar and consistent strategy to Great-West Lifeco in that it aims to maximize shareholder returns in a low-risk and capital efficient manner," Loney added.
Irish Life CEO Kevin Murphy, said: "This transaction reflects a major vote of confidence in Ireland and Irish Life. It is very good for the Irish economy, our clients, brokers and employees. Canada Life is a well respected and long standing business in Ireland,"
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By GlobalData"Combining our businesses will help ensure that Irish Life remains the leading brand in the Irish financial services market. It will also provide our customers with the knowledge that we are part of Great-West Lifeco, the strongest financial parent in the Irish market, and the Power Financial Corporation group of companies, which has a long and successful track record in financial services," Murphy added.
