Canada Life Insurance Company Details
Canada Life Plans details Review
The Great-West Life Assurance Company (also Great-West Life, French: La Great-West, compagnie d’assurance-vie) is a life insurance company. Its headquarters are in Winnipeg, Manitoba. Its President and CEO is Paul A. Mahon. It is owned by Great-West Lifeco, which also owns London Life Insurance Company, Canada Life Financial, Great-West Life & Annuity Insurance Co., and Putnam Investments. GWL Realty is the Toronto-based property and asset management arm of the Great West Life established in 1993.
Canada Life History and ownership
Great-West Life was founded in Winnipeg in 1891 by a Jeffrey Hall Brock, a local insurance agent. The company was incorporated on August 28, 1891, with locals 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 on new building on the site of the old Osborne Stadium. In 1983, the company expanded again into a building on Broadway and Osborne. In 1979, US and Canadian operations became separate due mostly to rapid US growth. In 1969 Great-West was purchased by 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 to be a holding company for Great-West and its numerous businesses.
London Life merged with Great-West Life in 1997, then joined Canada Life in 2003.
Great-West Life is currently a subsidiary of Great-West Lifeco, which is a joint-stock corporation traded on the Toronto Stock Exchange. Great-West Lifeco is a member of the Power Financial Corporation companies. Other operating companies include Irish Life, Great-West Financial, and Putnam Investments. The majority owner of Great-West Lifeco is the Power Corporation of Canada, which administers Great-West through the Power Financial Corporation.
In 2003, Great-West Lifeco acquired Canada Life Financial, which would later emerge with Great-West Life Assurance Company, for US$4.7 billion. Great-West Life sold its health insurance US division to Cigna for US$1.5 billion in a deal announced on November 26, 2007. Great-West was seeking to expand into the western United States.
In December 2018, the company closed offices in Winnipeg after threats to its buildings. No threat was found.
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 into the single brand of Canada Life. The rebrand will take place in 2020, with Canada Life going to have 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. After the merger into Canada Life, employees of the merged companies will work from company’s five main offices in Winnipeg, London, Toronto, Montreal and Regina, with no cuts to employment.
The company is based in the Great-West Life Assurance Company building on Osborne Street in Winnipeg. It has 10,938 employees, and is headquartered in Winnipeg, Manitoba. The company provides life, disability, and health insurance, and also benefit plans, retirement, and investing. It is active in both the United States and Canada. Paul A. Mahon is president.
Canada Life Philanthropy
Canada Life has a long-standing commitment of giving back to the communities it operates in, primarily in Winnipeg, Manitoba.
In May 2017, Canada Life (then Great-West Life) with Investors Group and the Power Corporation of Canada announced a commitment of $12 million to the University of Manitoba to establish an Institute for Leadership Development. On June 4, 2019, at the University of Manitoba’s annual spring convocation, it was announced that the leadership institute would be named after the late James W. Burns, former President and Chief Executive Officer at Great-West Life.
In April 2019, the Manitoba Museum 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 the late James W. Burns, former President and Chief Executive Officer at Great-West Life, which also establishes the James W. Burns Founder Endowment Fund.
Later that year, Canada Life donated 470 tickets for the A Conversation with Michelle Obama event to the Winnipeg School Division, and the tickets were distributed to grade 12 students at 12 high schools across the division.
The company has been a long-term sponsor of Future Leaders of Manitoba awards, previously sponsoring the event under its previous name, Great-West Life.. Notable recipients of the award have included indigenous activist Michael Redhead Champagne, Canadian politician Kevin Chief, Canadian filmmaker and director Adam Smoluk, community leader Hannah Pratt, surgeon and university associate professor Dr. Jordan Hochman, president of Manitoba SwimAbility Cameron Krisko, and young philanthropist Ben Sabic.
- List of United States insurance companies
- List of Canadian insurance companies
Canada Life biography Net worth, Details Reference
- Official website of Great-West Lifeco Inc, Great West Life Assurance Company’s parent corporation.
- Official Web site of Great-West Life
- Official Web site of the Power Corporation of Canada