Canada Life ‘leading contender’ to buy Irish Life for more than €1bn

GREAT-West Lifeco, Canada’s second-largest insurer, is the leading candidate to acquire Irish Life & Permanent’s life assurance unit, according to two people familiar with the matter.

The Winnipeg, Manitoba-based company’s Irish unit, Canada Life, bid in excess of €1 billion for the insurer, said people who declined to be identified as the process is private.

Department of Finance officials have identified Canada Life to enter exclusive talks on the Irish Life unit, though the Government has yet to ratify this, they said.