Financial services group Irish Life has completed its acquisition of Ark Life Assurance Company from ReAssure Limited, part of Phoenix Group Holdings.
It announced that it was buying Ark Life back in July, for a total of €230m.
Ark Life has around 150,000 policies and €2.1 billion worth of assets.
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.
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.
