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Irish Life Corporate Business: Great-West Lifeco Frequently Asked Questions

Irish Life Corporate Business: Great-West Lifeco

Questions and Answers

1. I heard details of the acquisition in the media, what does it mean?

Great-West Lifeco, the parent company of Canada Life in Ireland, has announced that following negotiations with the Irish Government, it has reached agreement to acquire Irish Life.  Following the completion of the proposed transaction in the second quarter on this year (subject to regulatory approvals), the existing businesses of Irish Life and Canada Life in Ireland will come together as one combined business, which will operate under the Irish Life brand name. 
As we bring the two companies together, our number one priority is to make sure we take care of our customers and continue providing outstanding customer service.

2. What does this mean for me?

This is very good news for Irish Life customers.  Great-West Lifeco is one of the strongest life assurance companies in the world, with €417 billion of assets under administration.  They are rated AA (Very Strong) by independent ratings agencies Fitch and Standard & Poors.  This financial strength provides an additional layer of reassurance for Irish Life customers.  And with access to experience and expertise on a global scale, we will be able to further enhance our products, customer service and technology offering to meet your needs.
This change of ownership does not in any way affect the Terms & Conditions or benefits of your existing Irish Life plans.  You do not need to take any action as a result of this announcement.
 

3. What is the timetable? When will the acquisition be finalised?

The acquisition is expected to close in the second quarter of 2013, subject to all regulatory and competition approvals being satisfied. Once the transaction is closed the two Irish businesses will be fully integrated over an 18 month period.

4. Do I need to do anything now?

No, you do not need to take any action as a result of this announcement. It does not in any way affect the Terms & Conditions or benefits of your existing Irish Life plans. 

5. Will the Irish Life brand continue going forward?

Great-West Lifeco has confirmed that following the transaction the Irish Life name will be retained and the life and pensions operations of Canada Life in Ireland will be combined with the operations of Irish Life.  In time all Canada Life Ireland life and pensions business will move to this brand. While Great-West Lifeco are very proud of the strong reputation of the Canada Life brand in Ireland, they believe the Irish Life brand is best brand for the future of the two business in Ireland.

6. Where can I get more information? 

We will keep you up to date on www.irishlifecorporatebusiness.ie.  If you have any questions, please contact your Financial Broker or Adviser or if we can help you in any way, you can contact our AIM Customer Service Team on 01 704 2000 or by emailing Happytohelp@irishlife.ie