Three To One
The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company, and their holding companies, Canada Life Financial Corporation and London Insurance Group Inc., have announced that their boards of directors have each unanimously approved the plan to amalgamate into one company – The Canada Life Assurance Company.
“The move to a single legal entity will align with our move to a common brand and will enable us to further simplify our business, and be more focused in our investments in technology and innovation, creating a better experience for advisors and policyholders. The promises we’ve made to our customers on their products with each of the three Canadian companies will continue in the amalgamated company.” – Paul Mahon, President and Chief Executive Officer, Canada Life.
Subject to regulatory and policyholder approval, the amalgamation process is expected to be completed by January 1, 2020. Once approved, Great-West Life, London Life and Canada Life will no longer operate as separate companies, but will continue as a combined company under The Canada Life Assurance Company name. Great-West Lifeco Inc. will remain the parent company, and the company will retain all current corporate office locations.