M/23/040 – Saol / Certain Assets of Irish Life
Transaction details
The proposed acquisition by Saol Assurance DAC (trading as AIB life), of certain life insurance policies, assets, and liabilities of Irish Life Assurance plc, has been cleared by the Competition and Consumer Protection Commission.
| Notification date | Decision date |
|---|---|
| Thursday August 17, 2023 | Tuesday, September 5, 2023 |
| Parties Involved | Business activities |
|---|---|
| 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. |
| Economic sector | Media merger |
|---|---|
| Financial and Insurance Services | No |
| Submissions from third parties due by: | |
|---|---|
| Phase 1 | Phase 2 |
| Friday, September 1, 2023 | |
| Current status: Completed |
|---|
| Simplified Merger Notification |
| Authorised Officer Assigned | Contact Details |
|---|---|
| Jason McGoldrick | jasonmcgoldrick@ccpc.ie |
Media enquiries: communications@ccpc.ie
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