Great-West Life, London Life and Canada Life are coming together under one brand – Canada Life – effective immediately to better serve their more than 13 million customer relationships across Canada and to position the companies for stronger growth, the companies have announced.
“Today marks the beginning of a new and exciting chapter for our companies in Canada,” said Paul Mahon, president and Chief Executive Officer, Great-West Lifeco. “Bringing our companies together under one brand will allow us to deliver a simpler and unified experience for our customers, advisors and consultants, focusing on what matters most – helping Canadians reach their full potential, every day."
Holding companies to merge
In addition to the move to a new brand, Great-West Life, London Life, Canada Life and their holding companies, Canada Life Financial Corporation and London Insurance Group Inc., have also started the process to formally amalgamate as The Canada Life Assurance Company. This initiative is separate from, but aligned with, the move to one brand and will further simplify the business. The proposed amalgamation is a multi-step process that would take place only after obtaining required board, regulatory and policyholder approvals. Further information will be provided in the coming months.
“The new Canada Life is positioned well for continued growth and success,” said Jeff Macoun, president and Chief Operating Officer, Canada Life. “Together with our employees, advisors and consultants, we’re excited and optimistic about the task ahead of us. As one brand, we'll present a unified voice, product and service offering and a simplified experience for customers, advisors and consultants.”
No employees affected
The companies’ 11,000 employees across the country will continue to work from five main offices in Winnipeg, London, Toronto, Montreal and Regina, as well as other offices across the country. There are no job impacts as a result of this announcement.
“Our employees are central not only to our companies' growth, but to the relationship of trust that we've built with our customers, advisors and consultants,” said Macoun. “Under the new Canada Life brand, we’ll make it easier for them to deliver for our customers, advisors, consultants, and their communities.”
Quadrus Investment Services Ltd., Freedom 55 Financial, GWL Realty Advisors and GLC Asset Management Group Ltd. will all retain their current branding. Great-West Lifeco's businesses in the U.S. and in Europe are not affected by this change.