London Life Insurance Company Insurance Company Details
Corporate information about London Life
London Life Insurance Company Plans details Review
The London Life Insurance Company is a Canadian life insurance company. London Life merged with Great-West Life in 1997, then joined Canada Life in 2003. London Life is a part of a Great-West Lifeco subsidiary, The Great-West Life Assurance Company, which in turn is controlled by Power Financial Corporation. Great-West Lifeco owns 100% of The Great-West Life Assurance Company. Power Corporation owns 72% of Great-West Lifeco, the only one of those finance companies to be a member of the TSX Composite Index.
It is best known for its “Freedom 55” slogan, which evokes saving money to an extent that would allow one to retire at age 55. The company reportedly had assets under management of $40 billion (Canadian funds) as at December 31, 2004, and 1.9 million participating life insurance policies.
London Life Insurance Company History
London Life was founded in London, Ontario in 1874, and remains headquartered there.
In 2009, London Life ranked 14th among Canada’s largest private companies.
Great-West Lifeco consolidated its three brands in Canada In April 2019. London Life merged with its sister companies, The Great-West Life Assurance Company and Canada Life Financial under a new brand and the banner of Canada Life. The amalgamation received approval from the Canadian government in November 2019.
The newly branded company has 10,500 employees. They officially began operating as the Canada Life Assurance Company on January 1, 2020. Employees work out of the company’s five main offices in Winnipeg, London, Toronto, Montreal and Regina.