The €1.3 billion sale of Irish Life by the State to Canadian group Great-West Lifeco was formally concluded yesterday.

This paves the way for Irish Life to be merged with the local operation of Canada Life, a wholly-owned subsidiary of Great-West Lifeco. The Canadian financial group plans to merge the pair under the Irish Life brand. "The closing of this transaction marks a significant milestone for our companies in Ireland," said Paul Mahon, president and chief executive of Great-West Lifeco.

The company also announced that its executive vice-president of wealth management Bill Kyle has been appointed as the new chief executive of Irish Life. He takes over that role from Kevin Murphy, who some time ago announced his intention to retire from the business but agreed to remain on until the sale of Irish Life was concluded.

Mr Kyle has been associated with Great-West Lifeco's subsidiaries for 34 years. Most recently, he led the integration of its Canadian group and individual wealth businesses, which have
more than two million policyholders and $88 billion in assets.