The Group plans to combine these two businesses to create a new force in the Irish healthcare market.
The acquisitions, which are subject to regulatory approval, should be completed in Q3, 2016.
Irish Life is Ireland’s leading provider of life insurance, pensions and investments and these new acquisitions will result in a combined customer base of over 400,000 people the company.
Bill Kyle, CEO of Irish Life Group, said: “With the benefit of our local skill and market knowledge here in the Irish Life Group, supported by the financial strength and global experience of Great-West Lifeco, we believe Irish Life’s new venture will become the health insurer of choice for Irish customers.”
He added: “We’ve been pursuing a strategy of significantly expanding our presence in the Irish health market, and acquiring Aviva Health and the balance of GloHealth is a dramatic step forward and positions us to offer something really innovative to customers.”
Jim Dowdall, chief executive, GloHealth, commented: “While existing customers will continue to enjoy the benefits of their current health insurance plans and the same customer support as normal, we have exciting plans for all of our customers present and future. We will keep customers up-to-date on the positive developments ahead.”
All 160 employees of Aviva Health and GloHealth will have roles within the combined business or within the wider Irish Life Group.