Irish Life sold to Canadians

City A.M. Reporter
CANADIAN life insurer Great-West Lifeco bought state-rescued insurer Irish Life for €1.3bn (£1.13bn) yesterday in a deal that increases its presence in Ireland and lightens the Irish government’s debts.

Ireland last year paid the same amount to take over Irish Life, formerly the insurance arm of bailed-out Irish Life & Permanent, after the Eurozone debt crisis forced the suspension of its sale in late 2011. The sale, expected to close in July, will help to push the Irish government’s debt to just below 120 per cent of GDP this year.