Irish Life in talks to buy Aviva

Canadian-owned Irish Life is looking to acquire Ireland’s third-biggest health insurer, Aviva, it is understood.

Irish Life reported an 11pc increase in profits last year and it is understood the firm is looking to expand its stake in the Irish health insurance market.

The deal between the two firms could be tied up by the end of February.

Should Irish Life go through with the deal it is expected to merge Aviva with GloHealth, another insurer it has a 49pc stake in.

In 2015, Irish Life reported a profit of €204m while profits in Aviva dipped 34pc to €12m in the first six months of the year.

Aviva was put up for sale last year by investment bank Macquarie. The firm is believed to be worth in excess of €60m.

Allied Irish Banks (AIB) currently holds a 30pc stake in Aviva.

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