Irish Life Group, a subsidiary of Great-West Lifeco, has signed an agreement to acquire Aviva Health Insurance Ireland.
The company has also agreed to increase its stake in another health insurance provider GloHealth Financial Services from the current 49% to 100%.
Aviva Health and GloHealth will be merged to serve the Irish health insurance market.
The combined business will offer a range of health care insurance products to more than 400,000 customers in the country.
Subject to normal regulatory approvals, the deals are expected to complete in the third quarter of this year.
Great-West Lifeco president and CEO Paul Mahon said: "As Ireland’s leading provider of life insurance, pensions and investments, Irish Life will further grow its business by now providing market leading health insurance solutions.
"This transaction demonstrates our commitment to Ireland , and to our ongoing growth and expansion there."
Great-West Lifeco provides life insurance, health insurance, retirement and investment services, in addition to operating asset management and reinsurance businesses.
Through its subsidiaries, the company carries out operations in the US, Canada, Europe and Asia.
Image: Irish Life to acquire health insurance firm Aviva Health. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.