Finance minister approves Canada Life amalgamation
The Great-West Life Assurance Company, London Life Insurance Company and the Canada Life Assurance company and their holding companies will all become one company – the Canada Life Assurance Company – on Jan. 1, 2020, after receiving final approval from Canada’s Minister of Finance, Bill Morneau.
“We are thrilled to begin 2020 as one, amalgamated company in Canada,” says Canada Life’s president and CEO, Paul Mahon. “One company means a simpler way of working together, allowing us to focus even more on growth and innovation.”
New par product launches
With amalgamation, Canada Life says it will combine its Canadian open participating accounts and will launch new Canada Life participating life products on January 1, 2020. The company also says amalgamation won’t change any of the terms and conditions of policies or other contracts issued by Great-West Life, London Life or Canada Life.
“Customers may continue to see references to Great-West Life and London Life for some time as it take time to update all websites, policies, notices, contracts, information folders and statements,” the company added in a statement released Nov. 25. “Starting January 2020, until those updates are completed, all references to the Great-West Life Assurance Company or London Life Insurance company, whether online or in print, will mean the Canada Life Assurance Company.”