Great-West Lifeco announced July 13 that its subsidiary, Irish Life Group Limited, has reached an agreement to acquire Ark Life Assurance Company dac from Phoenix Group Holdings plc for a total cash consideration of €230 million (C$340 million).

The transaction will see approximately 150,000 policies and €2.1 billion (C$3.1 billion) in assets move to Irish Life.

"As a leading provider of life insurance, pensions and investments in Ireland, this acquisition adds significant scale to Irish Life's retail division," said Paul Mahon, 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."

Declan Bolger, Chief Executive Officer, Irish Life Group, says the insurer’s ambition is to grow its business both organically and through acquisitions where it sees a strong commercial and cultural fit. "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," says Bolger.

Ark Life, which is closed to new business, manages pensions, savings and protection policies for its customers in the Irish market. The acquisition, which is subject to customary closing conditions including regulatory approvals, is expected to close by early 2022.