Irish Life has bought Aviva Health Insurance Ireland
Aviva Health Insurance Ireland has been sold to Irish Life.
Aviva's general insurance, life assurance and pensions are NOT part of the deal, announced today.
Aviva Ireland currently has over one million customers for its life insurance, general insurance, health insurance and investment and savings products.
It employs 1,150 people in Dublin, Galway and Cork.
Commenting on the announcement, Bill Kyle, CEO of Irish Life Group, said that the new company will provide a compelling alternative to the existing health insurance offerings in the marketplace.
“With the benefit of our local skill and market knowledge here in the Irish Life Group, supported by the financial strength and global experience of Great-West Lifeco, we believe Irish Life’s new venture will become the health insurer of choice for Irish customers.”
“We’ve been pursuing a strategy of significantly expanding our presence in the Irish health market, and acquiring Aviva Health and the balance of GloHealth is a dramatic step forward and positions us to offer something really innovative to customers.” Mr. Kyle added.
Minister for Health Leo Varadkar said it was positive news for the insurance industry.
"I welcome the decision of Irish Life, owned by Great West Lifeco of Canada, to purchase Aviva Health Insurance," he said.
"It is another positive endorsement of the Irish economy and of the health insurance market in Ireland by a large international company.
"It follows the purchase last year of Laya Healthcare by AIG.
"A strong competitive health insurance sector provides the public with choice and affordable policy options and these investments follow on the policy changes introduced last year, for Lifetime Community Rating and Young Adult discounts, which saw an additional 100,000 take out health insurance in 2015."
