GWLIF - Great-West Lifeco to acquire Ark Life Assurance from Phoenix Group for $271M

Piotrekswat/iStock via Getty Images Great-West Lifeco's (GWLIF) subsidiary, Irish Life Group, agrees to acquire Ark Life Assurance Company from Phoenix Group Holdings (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.

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Great-West Lifeco to acquire Ark Life Assurance from Phoenix Group for $271M