Great-West Lifeco Inc. today announced that the boards of its three Canadian life insurance companies have unanimously approved plans to proceed with the amalgamation into company – The Canada Life Assurance Company.
Subject to regulatory and policyholder approval, the amalgamation of 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., is expected to be completed by Jan. 1, 2020.
Upon approval, the companies will be combined into a single life insurance company operating under The Canada Life Assurance Company name. This unified insurer will retain all of the amalgamating companies' current corporate office locations, says Great-West Lifeco, which will remain the parent 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," said Paul Mahon, President and Chief Executive Officer, Canada Life. "The promises we've made to our customers on their products with each of the three Canadian companies will continue in the amalgamated company." Canada Life announced a unified brand in April.
Special Meetings of Policyholders of each of the three amalgamating life insurance companies will be called and policyholders will receive an information circular providing background and describing the expected benefits of the amalgamation, says Lifeco.