Canada Life Group has completed its previously announced acquisition of Legal & General International (Ireland) Ltd. (LGII), Winnipeg-based Great-West Life Co. Inc. announced on Thursday. Terms of the transaction were not disclosed.
Launched in 2007, LGII was a subsidiary of Legal & General Group Plc and is based in Dublin, Ireland, a country with a leading international financial services centre. LGII provides quality investment and wealth management solutions, primarily focused on the U.K. high net-worth market, and has over 4,300 UK investment bond policies with assets under administration (AUA) of £2.7 billion ($5.3 billion) as at March 31.
“This transaction enhances Canada Life’s position in the U.K., and gives clients and professional advisers further confidence in our UK business,” said Paul Mahon, president and CEO of Great-West Lifeco.
Canada Life is a subsidiary of Great-West Lifeco.
The transaction will not have a material impact on Great-West Lifeco’s financial results, the company said.