Winnipeg-based Great-West Lifeco Inc. announced Wednesday that its European subsidiary The Canada Life Group (U.K.) Ltd. has completed the previously announced acquisition of financial services provider Retirement Advantage. Terms of the transaction were not disclosed.

“This transaction strengthens Canada Life’s scale and capabilities in the growing United Kingdom retirement income market, and further strengthens Canada Life’s position as a leading insurer in the U.K.,” says Paul Mahon, president and CEO, Great-West Lifeco, in a statement.

The transaction is expected to be earnings accretive, the company says in its announcement, although it is not expected to have a material impact on Great-West Lifeco’s financial results.