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Irish Customers To Benefit As New Health Insurer Will Offer Market Leading Solutions

Irish Life Group Limited, the Irish subsidiary of Great-West Lifeco Inc., has announced that it has reached agreements to acquire Aviva Health, an Irish health insurance company, and to increase its 49 per cent interest in GloHealth to a 100 per cent ownership interest.

It also announced that Aviva Health and GloHealth will combine to become one of the leading providers in the Irish health insurance market. Financing for the acquisitions will be provided internally and terms will not be disclosed.

"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," said Paul Mahon, President and Chief Executive Officer of Great-West Lifeco. "This transaction demonstrates our commitment to Ireland, and to our ongoing growth and expansion there."

Mahon said the new combined businesses will be a significant new force in the Irish health insurance market and provide a broad selection of health care insurance products to a customer base of more than 400,000 customers. He noted that Irish Life's new venture will also benefit from access to global expertise as part of Great-West Lifeco's group of companies, and in particular, from its leading health insurance business in Canada.

The transaction, which is subject to normal regulatory approvals, is expected to be completed in the third quarter of 2016. The transaction is not expected to have a material impact on Great-West Lifeco's financial results.


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