- Great-West Lifeco's (OTCPK:GWLIF) subsidiary, Irish Life Group, agrees to acquire Ark Life Assurance Company from Phoenix Group Holdings (OTC:PNXGF) for a total cash consideration of €230M ($272M).
- The move bolsters Great-West Lifeco's presence in Ireland, adding ~150K policies and €2.1B ($2.5B) in assets to Irish Life's business. The transaction is expected to close by early 2022.
- "This acquisition adds significant scale to Irish Life's retail division," Great-West Lifeco President and CEO Paul Mahon said.
- Ark Life is closed to new business, and manages a range of pensions, savings and protection policies for its customers in the Irish market.
- Previously, (June 29) Great-West Lifeco buys Personal Capital, boosting U.S. digital growth.