Great-West Life, London Life and Canada Life released their 2016 Public Accountability Statement April 20. Called Commitment to well-being, the statement details the ways in which the companies are impacting their communities.
In terms of economic impact, in 2016 the companies paid out $3.5 billion in salaries, commissions and taxes and $9.1 billion in insurance benefits.
Financial literacy programs
The insurers aimed at improving the well-being of customers, employees and communities, by providing financial literacy programs, encouraging career development and community engagement, and funding projects to help with education, health, arts and social services.
This support included $12.4 million in funding to address community needs ranging from resources for educators and workplace essential skills training to basic needs, such as shelter and food security for vulnerable Canadians, says the statement. Community funding included $2.8 million for health projects, such as new state-of-the-art medical equipment.
Sustainable approach to business
"Our companies have deep roots in Canada that reflect a commitment to meeting the needs of our customers and are a testament to our people, values and sustainable approach to business," says Stefan Kristjanson, President and Chief Operating Officer.
In addition, the companies were included in CDP's 2016 "Climate A List" – CDP's highest ranking award, indicating a leadership position in the field of greenhouse gas (GHG) emissions disclosure and management.