Agence France-PresseFebruary 19, 2013 14:32
Canadian insurance company Great-West Life has agreed to buy Irish state-owned insurer Irish Life for Can$1.75 billion ($1.75 billion, 1.31 billion euros), it said Tuesday.
Winnipeg, Manitoba-based Great-West said it will combine the operations of its 110-year-old Irish subsidiary, Canada Life, and Irish Life. The new entity will retain the Irish Life name.
The insurance arm of Irish Life & Permanent, Irish Life is the largest life and pensions group and investment manager in Ireland, with more than one million customers and 37 billion euros of assets under management.