Irish government sells Irish Life personal finance to Great-West Lifeco for $1.7 billion
Minister for Finance confirms historic transaction and that Irish jobs at the company will be saved
Minister for Finance Michael Noonan has confirmed that an agreement of the sale of Irish Life to Great-West Lifeco (Canada Life) has been reached, to the sum of $1.7 billion (€1.3 bn). An additional dividend of €40 million is being paid to the State prior to completion.
The agreement is conditional, most notably on receipt of regulatory approvals, which are customary in a deal of this nature.
Welcoming the agreement, Minister Noonan said the “deal is the first time during this crisis that a company in which we have invested has been returned fully to private ownership. This is a historic transaction and provides the Irish taxpayer with a full return on its investment in Irish Life.
“The Irish economy is entering its third consecutive year of growth, our deficit is on a downward trajectory and we are beginning to attract the levels of investment required to create jobs and to make a full return to the markets.
“Great-West Lifeco’s Irish business, Canada Life (Ireland), is already a significant employer and is the largest Canadian employer in the State. Today’s investment by a company of their stature is a significant vote of confidence in the Irish economy and I am sure that this will lead to further investment.”
The Minister added “Irish Life manages approximately one million policies, with over €37 billion of assets under management and employs 2,200 people in Ireland. The financial strength of Great-West Lifeco will be of great benefit to the life assurance sector in Ireland. I would like to take this opportunity to wish Great-West Lifeco and Irish Life every success in the future.”
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