Your vote is important

We’re combining our strengths to serve you better. As we continue to evolve as the new Canada Life, you can help make it happen – starting now.

Voting is now open

If you’ve received your policyholder package, you’re ready to vote and can do so hereOpens a new website in a new window

At least two thirds of the policyholders from each company – Great-West Life, London Life and Canada Life – who are eligible and choose to vote must vote “yes” for the amalgamation to happen. There are easy ways for eligible policyholders to vote.

How to vote

Vote by proxy (See Proxy Form in the policyholder information package for details):

Or vote in person:

  • Attend the Special Meeting called at 9 a.m. CT on Oct. 3, 2019 in Winnipeg, MB at 100 Osborne St. N.


What is amalgamation?

Currently, our Canadian companies, Great-West Life, London Life and Canada Life, are separate legal entities operating under common ownership and management. These three companies were each formed more than 125 years ago and have benefited from common ownership and management since Great-West Life acquired London Life in 1997 and then Canada Life in 2003.

In April, we announced that we’d be coming together under one brand – the new Canada Life. The next step in our journey is to amalgamate our companies. Amalgamating means we’d combine our operating companies into a single larger company, under The Canada Life Assurance Company name. After amalgamation, the policies of our three companies would continue as policies of The Canada Life Assurance Company. Our goal is to amalgamate effective Jan. 1, 2020.

Policies you have with Great-West Life, London Life or Canada Life all remain in effect under the same terms as when they were first issued. You can remain confident that our day-to-day business with you won’t change.


Why vote yes?

We’re looking for your support as we start the voting process to combine our companies. We encourage all eligible policyholders to vote.

The board of directors of each of the amalgamating companies has unanimously concluded that the amalgamation is in the best interests of their respective company and that their respective policyholders’ interests will be protected. As well, an Independent Actuary reviewed the proposed amalgamation and reported that the proposed amalgamation is fair to all policyholders concerned, in that:

  • Policyholders rights (including voting rights) and interests will be protected, recognizing that a policyholder with a vote in more than one of the amalgamating companies will have only one vote in the amalgamated company
  • Security of policyholder benefits will remain satisfactory
  • Reasonable benefit (including dividend) and service expectations of participating policyholders will not be diminished by the proposed amalgamation, including the merger of the open participating accounts of Great-West Life, London Life and Canada Life
  • Reasonable benefit and service expectations of non-participating policyholders with non-fully guaranteed policies will not be diminished by the proposed amalgamation, and
  • Benefit and service expectations of non-participating policyholders with fully guaranteed policies will be preserved

The proposed amalgamation won’t change your policy or negatively affect your dividends. Amalgamation will position us to continue improving our customer service levels. You’ll also continue to work with the same advisor you know and trust. And there will be no new forms or paperwork to complete to maintain your current policies just as they are today.

Read the full report hereOpens in a new window.

 


Why combine the companies?

It will help position us for future growth so we can continue to meet the needs of our advisors and customers. The amalgamation is expected to:

  • Create operating efficiencies and simplify our capital structure – allowing for more efficient use of capital.
  • Simplify our governance structure and improve how responsive we can be to future business, capital, financial, regulatory, accounting and other changes, in a rapidly changing environment.
  • Enable the combination of the companies’ open participating accounts into a larger Canadian open participating account, with the opportunity for greater risk diversification and reduced regulatory and participating account management expenses.

What’s the process to combine the companies?

For the amalgamation to proceed, at least two-thirds of the votes cast by policyholders from each of Great-West Life, London Life and Canada Life must be in favour of the amalgamation and proposed by-laws of the amalgamated company. 

If this vote is successful and all required regulatory approvals are received, Great-West Life, London Life and Canada Life will become a single company named “The Canada Life Assurance Company”. 


6 key milestones

Step 1
Great-West Life, London Life and Canada Life boards of directors approve amalgamation - Completed July 2019.

Step 2
We request the Office of the Superintendent of Financial Institutions (OSFI) to approve the amalgamation agreement - Completed July 2019.

Step 3
Eligible policyholders receive an information package in the mail (August or September) which they can review and consider.

Step 4
Eligible policyholders vote before or at meeting on Oct. 3.

Step 5
We apply to the Minister of Finance for letters patent of amalgamation.

Step 6
If the above approvals are received, we’re officially amalgamated as The Canada Life Assurance Company effective Jan. 1, 2020.

Three great Canadian brands are now one.  

The new Canada Life combines the strengths of our three companies — Great-West Life, London Life and Canada Life.

Answers to your questions

The board of directors of each of the amalgamating companies has unanimously concluded that the amalgamation is in the best interests of their respective company and that their respective policyholders’ interests will be protected. As well, an Independent Actuary reviewed the proposed amalgamation and reported that the proposed amalgamation is fair to all policyholders concerned, in that:

  • Policyholders rights (including voting rights) and interests will be protected, recognizing that a policyholder with a vote in more than one of the amalgamating companies will have only one vote in the amalgamated company
  • Security of policyholder benefits will remain satisfactory
  • Reasonable benefit (including dividend) and service expectations of participating policyholders will not be diminished by the proposed amalgamation, including the merger of the open participating accounts of Great-West Life, London Life and Canada Life
  • Reasonable benefit and service expectations of non-participating policyholders with non-fully guaranteed policies will not be diminished by the proposed amalgamation, and
  • Benefit and service expectations of non-participating policyholders with fully guaranteed policies will be preserved

Read the full reportOpens in a new window.

Your vote is important and we encourage you to vote. For your convenience, we offer a few ways to participate.

(a) Vote by proxy (see Proxy FormOpens in a new window):

 

(b) Or vote in person:

Attend the Special Meeting called at 9 a.m. CT on Oct. 3, 2019 in Winnipeg, MB at 100 Osborne St. N.

To be valid, proxies by mail, phone or online must be received by Computershare Investor Services Inc. by 10 a.m. ET on Tuesday, Oct. 1, 2019 (48 hours prior to the Special Meeting start time). You can also revoke or change your proxy vote by following the instructions provided in the Joint Circular. If you submit your proxy by phone, you won’t be able to name a proxyholder other than the management representatives to vote on your behalf at the Special Meeting.

We encourage you to carefully read and consider the information contained in the cover letter, Q&A and Joint Circular so you can make an informed decision about the amalgamation. These materials will help you better understand why we’re proposing the amalgamation and will answer some of the questions you may have, including how to exercise your right to vote. The Joint Circular is also available below.

Mailings will begin approximately Aug. 13 and are expected to be completed by the end of August.

The package contains the following:

  • Cover letter, Q&A and Joint Circular with information about the amalgamation
  • Proxy Form with voting instructions
  • Postage-paid envelope for those who prefer to return their Proxy Form by mail

Participating policyholders of Great-West Life, London Life and Canada Life are all eligible to vote. The owners of some other policies that have voting rights attached are also eligible.

No. You aren’t required to vote but your vote is important and we encourage you to have your say and exercise your right to vote.

You only need to return the form if you wish to participate by mail. You also have the option of voting online, by phone or at the Special Meeting (via an appointed proxyholder or in person). You aren’t required to vote but your vote is important and we encourage you to have your say and exercise your right to vote.

For voting assistance, please contact Computershare Investor Services Inc. toll-free at 1-866-612-6241 (within Canada and the U.S.) or 514-982-8104 (all other countries).

If the amalgamation is completed, we’ll combine the Canadian open participating accounts of each of the three companies into a single Canadian open participating account (including the London Life Bermuda policies). This combined account would be larger than each of the existing open participating accounts, providing an opportunity for greater risk diversification while reducing regulatory and participating account management expenses. This is expected to result in the distribution of the same or possibly slightly greater policyholder dividends for pre-amalgamation policies than would be the case if the Canadian open accounts were kept separate.

The Canada Life Canadian closed participating account which currently shares the same investment pool as the Canada Life Canadian open participating account, will share the same investment pool as the combined Canadian open participating account. None of the other Canada Life participating accounts will be changed as a result of the amalgamation.  These other accounts are:  Canada – former New York Life and Crown Life; US – Canada Life and former Crown Life; International – former Crown Life in Hong Kong, Macau, Pacific Rim and South America.

The proposed amalgamation won’t change your policy or negatively affect your dividends