The Canada Life Assurance Company ( French: ''La Compagnie d'Assurance du Canada sur la Vie''), commonly known as Canada Life (''Canada-Vie''), is a Canadian

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

and

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

company with its headquarters in

Winnipeg Winnipeg () is the capital and largest city of the Provinces and territories of Canada, Canadian province of Manitoba. It is centred on the confluence of the Red River of the North, Red and Assiniboine River, Assiniboine rivers. , Winnipeg h ...

Manitoba Manitoba is a Provinces and territories of Canada, province of Canada at the Centre of Canada, longitudinal centre of the country. It is Canada's Population of Canada by province and territory, fifth-most populous province, with a population ...

. The current company is the result of the 2020

amalgamation Amalgamation is the process of combining or uniting multiple entities into one form. Amalgamation, amalgam, and other derivatives may refer to: Mathematics and science * Amalgam (chemistry), the combination of mercury with another metal **Pan ama ...

of The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company, along with their holding companies (London Insurance Group Inc. and Canada Life Financial Corporation). The company is a wholly owned subsidiary of

Great-West Lifeco Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America (Canada and United States), Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has ...

History and ownership

Great-West Life Assurance Company

The Great-West Life Assurance Company ( French: ''La Great-West, Compagnie d'Assurance-vie'') provided life, disability, and health insurance; benefit and retirement plans; and investment advice. It was active in both the United States and Canada. Great-West Life was founded in Winnipeg in 1891 by Jeffry Hall Brock, a local insurance agent. The company was incorporated on August 28, 1891, with local residents such as James Ashdown on its board. In 1942, it was the first Canadian company "to enter the accident and health insurance business." In 1960, the company moved to Osborne Street, where it had constructed a new building on the site of the old Osborne Stadium. In 1983, the company expanded into a building on the corner of Broadway and Osborne. In 1979, US and Canadian operations were separated due mostly to rapid US growth. In 1969, Great-West was purchased by the Power Corporation, which made it into a wholly owned subsidiary. In 1982, Great-West began offering a universal life policy which differed from those offered by competitors. Two years later, in 1984, the Power Financial Corporation was created as a

holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

for Great-West and its numerous businesses. Great-West Life Realty (GWL Realty) is the Toronto-based property and asset management arm of Great-West Life, established in 1993.

London Life Insurance Company

The London Life Insurance Company (or London Life) merged with Great-West Life in 1997, then joined the original Canada Life in 2003. London Life was a part of

subsidiary, Great-West Life Assurance Company. London Life was founded in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...

, in 1874, and remains headquartered there. In 2009, London Life ranked 14th among Canada's largest private companies. The company reportedly had

assets under management In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institutio ...

of $40 billion (Canadian funds) as at December 31, 2004, and 1.9 million participating life insurance policies. London Life was best known for its widely advertised Freedom 55 program launched in 1984, which evokes saving money to an extent that would allow one to retire at age 55 instead of age 65, the standard retirement age under the

Canada Pension Plan The Canada Pension Plan (CPP; ) is a contributory, earnings-related social insurance program. It is one of the two major components of Canada's public retirement income system, the other being Old Age Security (OAS). Other parts of Canada's retir ...

. The tagline was later repurposed for the company's sales organization, which was rebranded Freedom 55 Financial in 2000. In 2019, London Life merged with its sister companies, Great-West Life Assurance Company and Canada Life Financial, under the banner of Canada Life. The Freedom 55 Financial brand was also retired at this point.

Canada Life Financial Corporation

Hugh Cossart Baker Sr. established the Canada Life Assurance Company (CLAC), the first life insurance company in Canada, on 21 August 1847. The firm was incorporated in 1849. The company was acquired by Great-West Life Assurance Company in 2003, after rejecting a hostile takeover bid by rival

Manulife Manulife Financial Corporation (French language, French: Financière Manuvie) is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario. The company operates in Canada and Asia as "Manulife" ...

. Canada Life Financial had offices in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

; in

Ireland Ireland (, ; ; Ulster Scots dialect, Ulster-Scots: ) is an island in the North Atlantic Ocean, in Northwestern Europe. Geopolitically, the island is divided between the Republic of Ireland (officially Names of the Irish state, named Irelan ...

;

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

;

Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...

; the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

; and on the

Isle of Man The Isle of Man ( , also ), or Mann ( ), is a self-governing British Crown Dependency in the Irish Sea, between Great Britain and Ireland. As head of state, Charles III holds the title Lord of Mann and is represented by a Lieutenant Govern ...

. The first CLAC head office was in

Hamilton, Ontario Hamilton is a port city in the Canadian Provinces and territories of Canada, province of Ontario. Hamilton has a 2021 Canadian census, population of 569,353 (2021), and its Census Metropolitan Area, census metropolitan area, which encompasses ...

on the top floor of the Mechanics' Institute on James Street near Merrick, where the Hamilton City Centre (formerly the Eaton's Centre) now stands. The head office moved in 1883 to King Street East and Hughson Street South (later known as the Birks Building). The company commissioned the building of the Canada Life Building, which was completed in 1895, in

Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...

. The headquarters of CLAC was moved to Toronto in 1900 by newly installed company president George Cox. From 1926 to 1929, the company was headquartered at historic Cawthra House in Toronto. Several acquisitions were made and sister companies founded through the years, including: ;Crown Life Insurance Company of Canada Crown Life was founded in 1900 and was based in Toronto. It was acquired by CLAC in 1998. ;Canada Life, UK Canada Life began operations in the United Kingdom in 1903.

Parent companies

Great-West Lifeco is a

joint-stock A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholder ...

corporation traded on the

Toronto Stock Exchange The Toronto Stock Exchange (TSX; ) is a stock exchange located in Toronto, Ontario, Canada. It is the List of stock exchanges, 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in th ...

and owns 100% of The Great-West Life Assurance Company.

Power Financial Corporation Power Financial Corporation is a Canadian multinational company that was founded in 1984. Power Financial, a wholly owned subsidiary of Power Corporation of Canada, is an international management and holding company with interests in financia ...

(PFC) is the majority stake-holder and owns 72% of Great-West Lifeco, the only one of those finance companies to be a member of the stock exchange composite index. Other operating companies include Irish Life, Great-West Financial, and Putnam Investments. In 2003, Great-West Lifeco acquired Canada Life Financial, which later emerged, along with Great-West Life Assurance Company, for US$4.7 billion. Great-West Life sold its health insurance US division to

Cigna The Cigna Group is an American multinational for-profit managed healthcare and insurance company based in Bloomfield, Connecticut. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and r ...

for

US$ The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

1.5 billion in a deal announced on November 26, 2007. Great-West was seeking to expand into the western United States.

Merger and consolidation

In 2019, Great-West Lifeco consolidated its three brands in Canada as "Canada Life". In April 2019, Great-West Life merged with its sister companies London Life and

Canada Life The Canada Life Assurance Company ( French: ''La Compagnie d'Assurance du Canada sur la Vie''), commonly known as Canada Life (''Canada-Vie''), is a Canadian insurance and financial services company with its headquarters in Winnipeg, Manitoba. The ...

into the single brand of Canada Life. The rebrand took place in 2020, with Canada Life having 10,500 employees. The Canada Life amalgamation received approval from the Canadian government in November 2019. They officially begin operating as The Canada Life Assurance Company on January 1, 2020. Canada Life is based in

Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

at the historic Canada Life Building on University Avenue. Employees of the merged companies work from five regional offices in Winnipeg, London, Toronto, Montreal and Regina. Paul A. Mahon is president. Canada Life is on the Canada's Top 100 Employers and Top 100 Employers for Young people lists.

Philanthropy

On May 28, 2017, sister companies Canada Life, London Life and Great-West Life contributed $25,000 to

Canadian Red Cross The Canadian Red Cross Society ()Investors Group and the

Power Corporation of Canada Power Corporation of Canada is a management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are insurance, retirement, wealth management and investment management, including a portfolio ...

, announced a commitment of $12 million to the

University of Manitoba The University of Manitoba (U of M, UManitoba, or UM) is a public research university in Winnipeg, Manitoba, Canada. Founded in 1877, it is the first university of Western Canada. Both by total student enrolment and campus area, the University of ...

to establish an Institute for Leadership Development. In February 2020, the corporation established the "James W. Burns 'Founder Endowment Fund' " after the late James W. Burns, former president and chief executive officer at Great-West Life. In April 2019, the

Manitoba Museum The Manitoba Museum, previously the Manitoba Museum of Man and Nature, is a human and natural history museum in Winnipeg, Manitoba, as well as the province's largest, Not-for-Profit, not-for-profit centre for Heritage centre, heritage and science e ...

announced a donation of $750,000.00 to their capital campaign, "Bringing Our Stories Forward", by Canada Life. The donation was made in honour of Burns. Canada Life donated 470 tickets for the "A Conversation with Michelle Obama" event to the

Winnipeg School Division The Winnipeg School Division is a school division in Winnipeg, Manitoba. With 78 schools, it is the largest of six public school divisions in Winnipeg, as well as the largest and oldest school division in Manitoba. Its schools collectively tea ...

. The company has been a long-term sponsor of "Future Leaders of Manitoba" awards. Notable recipients of the award have included indigenous Peoples activist Michael Redhead Champagne, Canadian politician Kevin Chief, Canadian film director

Adam Smoluk Adam Smoluk (born 17 June 1980) is a Canadian screenwriter, director, actor, community leader, and executive. His work in media productions often explores themes of alienation and isolation. Early life Adam Smoluk was born and raised in Wi ...

, community leader Hannah Pratt, surgeon and university associate professor Dr. Jordan Hochman, president of Manitoba SwimAbility, Cameron Krisko, and young philanthropist Ben Sabic.

Legal proceedings

Canada Life–UK claimed its former employee, Domenico Iacono, had illegally removed confidential information after he quit the job. The insurance group brought legal proceedings against Iacono before the High Court. Canada Life Financial was sued by Vanessa Valentyne after refusing to pay out her missing son's insurance policy. The policy he took out had an exclusionary clause, according to which the company will not pay on a policy if death is a result of its holder's criminal activity. Valentyne's son was a drug dealer for six years before his January 7, 2013 disappearance from a drug dealing house.

Leadership

President

# Hugh Cossart Baker Sr., 1847–1859 # John Young, 1859–1873 # Edward Cartwright Thomas, 1873–1875 # Alexander Gillespie Ramsay, 1875–1899 #

George Albertus Cox George Albertus Cox (7 May 1840 – 16 January 1914) was a very prominent Canadian businessman and a member of the Senate of Canada. Life and career He was born in Colborne, Upper Canada, in 1840. He began work as a telegrapher for the Mont ...

, 1900–1914 # Edward William Cox, 1914 # Herbert Coplin Cox, 1914–1928 # Leighton Goldie McCarthy, 1928–1938 # Alfred Newton Mitchell, 1938–1946 # St Clair William McEvenue, 1946–1948 # Edwin George Baker, 1948–1951 # Ernest Clark Gill, 1951–1964 # Allan Hazlett Lemmon, 1964–1973 # Edward Hamon Crawford, 1973–1988 # David Alexander Nield, 1988–2002 # William Lawrence Acton, 2002–2003 # Raymond Lindsay McFeetors, 2003–2008 # David Allen Loney, 2008–2013 # Paul Anthony Mahon, 2013–2025 # David Martin Harney, 2025–

Chairman of the Board

# Herbert Coplin Cox, 1928–1938 # Leighton Goldie McCarthy, 1938–1946 # Alfred Newton Mitchell, 1946–1951 # Edwin George Baker, 1951–1961 # Graham Ford Towers, 1961–1969 # John Girdlestone Hungerford, 1969–1973 # Allan Hazlett Lemmon, 1973–1981 # David Waddell Barr, 1981–1986 # Edward Hamon Crawford, 1986–1998 # David Alexander Nield, 1998–2003 #

Robert Gratton Robert Gratton (born 23 October 1943) is a Canadian retired lawyer and financier known best for his long tenure as an executive of companies affiliated with the Power Corporation of Canada. Gratton graduated from the Université de Montreal with ...

, 2003–2008 # Raymond Lindsay McFeetors, 2008–2013 # Robert Jeffrey Orr, 2013–present

References

External links

Official website of Canada LifeOfficial website of Canada Life UK

Official website of Great-West Lifeco Inc.

Official website of Great-West Life

Official website of Power Corporation of Canada
{{DEFAULTSORT:Great-West Life Assurance Company Insurance companies of Canada Insurance companies based in Manitoba Companies based in Winnipeg Power Corporation of Canada Financial services companies established in 1847 Financial services companies established in 1874 Financial services companies established in 1891 Health insurance companies of Canada 2003 mergers and acquisitions