After the approval of the Ottawa supervisory authorities, Great-West [4] Life merged its operations with its subsidiaries London Life and Canada Vie.
The transaction, effective on January 1, 2020, gives rise to a new life insurance giant called «La Compagnie d’Assurance du Canada sur la Vie» (Canada Life Insurance Company).
The unification of the three life insurers, under a single label, meets a strategy of pooling means and resources as well as simplifying the group's structures. The merger process, which began several months ago, will have no impact on employment.
The new company's 11 000 employees will continue to hold their positions in the various centers of the group. Insurance policyholders will continue to enjoy the same benefits granted by the three companies in the past. Great West Life, established in 1891, is owned by Great-West Lifeco Inc.