Great-West Lifeco has completed its earlier disclosed €1.3bn acquisition of Irish Life Group, as part of its global business strategy to develop significant market positions in the sectors that it serves.

The transaction was carried out through Canada Life, an indirect wholly-owned subsidiary of Great-West Lifeco.

Canada Life president and CEO Paul Mahon said that combining the businesses of Irish Life and Canada Life in Ireland under the Irish Life brand will help ensure that Irish Life remains the leading brand in the Irish financial services market.

"There is a strong commitment to customer service which will be maintained as we integrate the companies," Mahon added.

As a result of closure of the deal, Great-West Lifeco’s 48,660,000 outstanding subscription receipts will be exchanged on a one-for-one basis for its common shares.

In addition, Great-West Lifeco has appointed its executive vice president of wealth management Bill Kyle as CEO of Irish Life.

Kyle, who has been with Great-West Lifeco for 34 years in senior roles, most recently, has led the integration of the company’s Canadian group and individual wealth businesses.