Canada Life Investment Management Ltd. (CLIML) today announced that it is seeking to merge five Canada Life mutual funds on or about February 3, 2023.
Winnipeg, MB, April 3, 2019. . . Three iconic Canadian brands are coming together under one brand – Canada Life – to better serve their more than 13 million customer relationships across Canada and to position the companies for even stronger growth.
Effective immediately, The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company will begin a journey to move to one brand in the Canadian market. This newly developed Canada Life brand builds on the three companies’ proud histories, whose stories began over 170 years ago. Canada Life will become the new brand under which the organization will create, deliver and communicate products and services in Canada across all of its lines of business.
“Today marks the beginning of a new and exciting chapter for our companies in Canada,” said Paul Mahon, President and Chief Executive Officer. “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.”
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 begun the process to formally amalgamate as one company – 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 occur 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. “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.”
Our more than 11,000 employees across the country will continue to work from our 5 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.
About Great-West Life, London Life and Canada Life
Great-West Life, together with London Life and Canada Life, are leading Canadian insurers focused on improving the financial, physical and mental well-being of Canadians. United under the new Canada Life brand, we help Canadians achieve their potential, every day. Our customers across Canada have trusted us to provide for their financial security needs and deliver on the promises we have made. Together, we serve the financial security needs of more than 13 million people across Canada and are leading providers of a wide range of insurance and wealth management products and services for individuals, families and business owners, from coast to coast to coast.
Canada Life, along affiliated companies, today announced a $60,000 contribution to the Ukrainian Canadian Congress (UCC) Manitoba Chapter.