Great-West Lifeco, which is the parent company of Canada Life, announced today it has cometo an agreement to buy the Dublin-based subsidiary of L&G, which has assets under administration of £2.5bn.
“The proposed transaction will enhance the position of Canada Life in the UK, and give clients and professional advisers further confidence in our UK offshore business,” said Paul Mahon, president and chief executive of Great-West Lifeco.
The transaction is part of L&G’s focused strategy to dispose of its peripheral assets.
Canada Life, which has had an office in the Isle of Man for 27 years, opened an offshore business in Dublin in May 2013.
If given regulatory approval, the transaction is expected to be finalised in the second quarter of 2015.
Winnipeg headquartered Great-West Lifeco said the transaction will have no “material impact” on its upcoming financial results.
The terms of the transaction have not been disclosed.
