Financial services group Irish Life has today agreed to buy Ark Life Assurance from ReAssure Limited, part of Phoenix Group Holdings, for a total of €230m.

Irish Life said that when complete the deal will see about 150,000 policies and €2.1 billion worth of assets move to Irish Life.

Today's deal follows the signing of a new joint venture arrangement between Irish Life parent company Great-West Lifeco and AIB to provide life and pension products to the bank's customers.

Ark Life customers will see no changes to their policy terms and conditions as a result of this transaction.

Irish Life Financial Services already acts as third-party administrator for Ark Life policies, providing the customer service operations, and Irish Life Investment Managers manage the policyholder investments.

These existing relationships will help to ensure continuity of support for customers.

The deal is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close by early next year.

Irish Life Group CEO Declan Bolger said today's transaction further demonstrates the strong financial position of Irish Life.

"Our ambition is to grow our business both organically and through acquisitions where we see a strong commercial and cultural fit. Our existing relationship with Ark Life means we are ideally placed to continue to offer excellent customer service for policy holders, including access to enhanced digital services," Mr Bolger added.

Ann Kelleher, CEO of Ark Life, said the company has a strong working relationship with the team at Irish Life who provide best-in-class investment management and service to our customers.

"As we join Irish Life we believe our new ownership will only enhance that customer experience in the future," she added.

Originally founded in 1991 as the bancassurance subsidiary of AIB, Ark Life manages a range of pensions, savings and protection products for its existing customer base. Ark Life was acquired by Phoenix as part of the acquisition by Phoenix of ReAssure in 2020.