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INSURANCE MERGER OKAYED.

On 3 June, the European Commission cleared the proposed acquisition of Irish Life Group Limited, currently solely owned by the minister for finance on behalf of the Irish state, by its competitor Canada Life Limited of the UK, ultimately controlled by the Power Corporation of Canada. Canada Life is an international company, which provides individual and group insurance, wealth management, retirement protection and asset management services in the UK and in Ireland. Irish Life is active mainly in life and pension insurance, both for individuals and for employers and public sector union members. It is mainly present in Ireland with some very limited activity in the UK. The Commission examined the competitive effects of the proposed acquisition in a number of life insurance market segments, namely pure risk protection products for individuals and group clients, pension products for individuals and group clients, and the segment for saving and investment products. The Commission's investigation confirmed that the proposed transaction would not significantly alter the market structure and that upon completion there would be a sufficient number of competitors remaining on the markets concerned, including recent market entrants.

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Publication:European Report
Date:Jun 5, 2013
Words:186
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