Saol/Certain Assets of Irish Life
Transaction details
- Notification date:16 August 2023
- Publication date:16 August 2023
- Economic sector:Financial and insurance services - L
- Economic sub-sector:Financial services (non-insurance) - L.64
- Simplified merger:Yes
- Outcome:Cleared
Saol Assurance DAC
Saol Assurance DAC (trading as AIB life) is a wholly owned insurance company subsidiary of Saol Assurance Holdings Limited (previously AIB JV Holdings Limited), which itself is a 50:50 joint venture holding company established between Allied Irish Banks plc and Canada Life Irish Holding Company Limited.
Saol Assurance DAC is a life insurance undertaking which writes certain classes of life insurance. It commenced writing insurance policies on 2 March 2023. Saol Assurance DAC offers a range of life insurance products including protection, savings and investments, and pensions.
Irish Life Assurance DAC
Irish Life Assurance DAC is part of the Great-West LifeCo Inc group of companies. Irish Life Assurance DAC and its subsidiaries provide life insurance products, pensions, and retirement savings in the State.
The assets subject to the proposed acquisition are life products currently held by Irish Life Assurance DAC. These are products which consist of savings, pensions, and investment plan life assurance, which were provided by Irish life and sold through AIB.
