Great-West Lifeco's Irish subsidiary closes acquisition of two insurance companies

The acquisition bolsters Irish Life Group’s business in the country, contributing to the company’s growth and expansion

On Tuesday, Great-West Lifeco Inc. announced that its Irish subsidiary—Irish Life Group—has closed its previously-announced acquisition of Aviva Health Insurance Ireland Limited and GloHealth Financial Services Limited.

Financing for the acquisitions was provided internally. Terms of the transactions were not disclosed.

"Aviva and GloHealth will combine to create Irish Life Health – a new force in the Irish health insurance market – and grow their existing customer base of 420,000 customers," said Great-West Lifeco president and CEO Paul Mahon.

"As Ireland's leading provider of life insurance, pensions and investments, Irish Life will further grow its business by now providing market-leading health insurance solutions. This transaction demonstrates our commitment to Ireland, and to our ongoing growth and expansion there."

Irish Life Group, established 1939, is one of Ireland’s leading life, investment and pension companies. It has been a part of the Great-West Lifeco group of companies since July 2013.

According to a release, the transactions will not have a material impact on Great-West Lifeco's financial results.

As of March 31, 2016, Great-West Lifeco and its companies have approximately $1.2 trillion in consolidated assets under administration.

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