Phoenix Group agrees €230m sale of Ark Life

UK-based specialist consolidator  Phoenix Group has reached an agreement to offload Ark Life Assurance Company dac to  Great-West Lifeco subsidiary Irish Life Group for a total cash consideration of €230 million.

The transaction will see approximately 150,000 policies and €2.1 billion in assets move to Irish Life.

Ark Life is closed to new business, and manages a range of pensions, savings and protection policies for its customers in the Irish market.

The deal is expected to close by early 2022, subject to necessary approvals.

Paul Mahon, president and chief executive officer of Great-West Lifeco, said: "As a leading provider of life insurance, pensions and investments in Ireland, this acquisition adds significant scale to Irish Life's retail division. Together with focused execution on our strategy, this transaction enhances our ability to provide customers with market-leading wealth and insurance solutions."

Declan Bolger, chief executive officer of Irish Life Group, added: "Our ambition is to grow our business both organically and through acquisitions where we see a strong commercial and cultural fit. Our existing relationship with Ark Life means we are ideally placed to continue to offer excellent customer service for policy holders, including access to enhanced digital services."

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