Canada Life Financial

Canada Life Financial was the corporate identity associated with The Canada Life Assurance Company, one of Canada's earliest life insurers. Hugh Cossart Baker Sr. established the original Canada Life Assurance Company in 1847, and the enterprise was incorporated in 1849. It began in Hamilton, Ontario, before moving its head office to Toronto in 1900 under president George Albertus Cox. Over more than a century and a half, the business developed from a traditional life insurer into a diversified insurance and financial-services group with activities spanning life insurance, health and disability protection, retirement and employee-benefit arrangements, investment products, and related financial advice. The Canada Life organization expanded through domestic acquisitions and international operations. Crown Life Insurance Company of Canada, founded in 1900, became part of Canada Life in 1998. Canada Life also established a United Kingdom operation in 1903 and later maintained businesses or offices in Ireland, Germany, Brazil, the United States, and the Isle of Man. Its international presence included life insurance, pensions, bonds, and other long-term savings products, although the composition of those businesses changed over time. In 2003, Great-West Life Assurance Company acquired Canada Life Financial after Canada Life had resisted a hostile takeover attempt by Manulife. The acquisition placed Canada Life within the Great-West Lifeco group, which was controlled by Power Financial Corporation. Canada Life continued to operate as a major group company alongside Great-West Life and London Life. Great-West Lifeco also owned other financial-services businesses, including Irish Life, Great-West Financial, and Putnam Investments. The corporate structure was subsequently simplified. Great-West Life, London Life, and Canada Life were consolidated under the Canada Life name in Canada. The companies began the rebranding process in 2019, received approval for the amalgamation in November of that year, and officially operated as The Canada Life Assurance Company from January 1, 2020. The consolidation brought the former Canada Life Financial, Great-West Life, and London Life operations together under one Canadian brand, with regional offices in Winnipeg, London, Toronto, Montreal, and Regina. As a result, Canada Life Financial is best understood as a predecessor corporate identity rather than a separately operating current brand.

The roots of Canada Life Financial lie in The Canada Life Assurance Company, founded by Hugh Cossart Baker Sr. in Hamilton, Ontario, in 1847 and incorporated in 1849. It was Canada's first life-insurance company. Its earliest head office occupied space in Hamilton's Mechanics' Institute, and the organization later moved to premises on King Street East. The company commissioned the Canada Life Building in Montreal, completed in 1895, while its corporate headquarters moved to Toronto in 1900 after George Albertus Cox became president. For a period from 1926 to 1929, the business was headquartered at Toronto's Cawthra House. Canada Life grew through the development of insurance operations and the addition of affiliated businesses. Crown Life Insurance Company of Canada, established in 1900, was acquired in 1998. The company began operating in the United Kingdom in 1903 and later developed a broader international presence, including activities in Ireland, Germany, Brazil, the United States, and the Isle of Man. These operations covered various forms of life insurance, pensions, bonds, and long-term savings. A parallel history within the eventual group was the growth of Great-West Life Assurance Company. Great-West Life was founded in Winnipeg in 1891 by insurance agent Jeffry Hall Brock and expanded into life, disability, health, retirement, employee-benefit, and investment services. Power Corporation acquired Great-West in 1969. Great-West separated its United States and Canadian operations in 1979, introduced a universal-life policy in 1982, and became part of a wider Power Financial structure after the creation of Power Financial Corporation in 1984. London Life Insurance Company, founded in London, Ontario, in 1874, merged with Great-West Life in 1997 and became part of the same family of companies. London Life's Freedom 55 program, launched in 1984 and later associated with the Freedom 55 Financial sales organization, became one of the group's best-known Canadian marketing propositions. In 2003, Great-West Life acquired Canada Life Financial. The transaction followed Canada Life's rejection of a hostile takeover bid by Manulife and made Canada Life part of Great-West Lifeco's Canadian insurance platform. Canada Life maintained a substantial international footprint, while Great-West Lifeco operated other financial businesses such as Irish Life, Great-West Financial, and Putnam Investments. Great-West Lifeco was majority-owned by Power Financial Corporation. The group later pursued brand and legal consolidation in Canada. In 2019, Great-West Life, London Life, and Canada Life announced that their Canadian operations would be brought together under the Canada Life brand. The amalgamation received Canadian government approval in November 2019, and the combined organization began operating as The Canada Life Assurance Company on January 1, 2020. The reorganization retired the separate Canada Life Financial and London Life identities in the Canadian market and established Canada Life as the unified customer-facing brand. The combined company has regional offices in Winnipeg, London, Toronto, Montreal, and Regina and serves insurance, benefits, retirement, investment, and financial-planning needs.

1. 2020Unified Canada Life company begins operations

   The amalgamated organization began operating as The Canada Life Assurance Company on January 1.

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2. 2019Canadian brands consolidated

   Great-West Life, London Life, and Canada Life began consolidation under the Canada Life name.

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3. 2003Acquired by Great-West Life

   Great-West Life Assurance Company acquired Canada Life Financial.

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4. 1998Crown Life acquired

   Canada Life acquired Crown Life Insurance Company of Canada.

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5. 1900Head office moves to Toronto

   The company's headquarters moved to Toronto under president George Albertus Cox.

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6. 1849Company incorporated

   The original Canada Life enterprise was formally incorporated.

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7. 1847Canada Life Assurance Company founded

   Hugh Cossart Baker Sr. established the original Canada Life Assurance Company in Hamilton, Ontario.

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A long-established Canadian life-insurance and financial-services organization serving individual, employer, retirement, and institutional needs, with a heritage dating to the nineteenth century.

• Life insuranceInsurance1847

  The core business comprised individual and group life-insurance protection, continuing the company's original focus while expanding into a broader range of long-term financial products.

• Health and disability insuranceInsurance

  The wider Great-West and Canada Life platform provided health and disability coverage for individuals, employers, and employee-benefit plans.

• Retirement and pension productsRetirement services

  The group offered retirement plans, pension-related products, legacy pensions, and long-term savings solutions in Canada and selected international markets.

• Investment and financial adviceWealth management

  Canada Life and its associated companies provided investment products and advice linked to personal financial planning, retirement preparation, and institutional or employer programs.

• 1984Freedom 55

  Canada

  London Life launched Freedom 55, a retirement-focused proposition built around saving sufficiently to retire at age 55 rather than the more conventional age of 65.

  Outcome. The concept became one of the best-known insurance and retirement marketing platforms in Canada and later lent its name to the Freedom 55 Financial sales organization.

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• 2019Consolidation of Canadian insurance brandsStrategy

  Great-West Lifeco operated Great-West Life, London Life, and Canada Life as related Canadian insurance businesses with separate historical identities.

  What changed. The group announced that the three brands would be consolidated under the Canada Life name, with the separate Freedom 55 Financial identity retired.

  Aftermath. Government approval was obtained in November 2019, and the combined organization began operating as The Canada Life Assurance Company on January 1, 2020.

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• 2003Acquisition of Canada Life Financial by Great-West LifeM&A

  Canada Life Financial was operating as a major Canadian and international life-insurance group and had rejected a hostile takeover attempt by Manulife.

  What changed. Great-West Life Assurance Company acquired Canada Life Financial and incorporated it into the Great-West Lifeco family.

  Aftermath. Canada Life continued as a group brand and operating business until the later consolidation of the principal Canadian insurance brands.

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• 2020Canada Life begins operating as the unified company

  The consolidated organization officially began operating as The Canada Life Assurance Company on January 1, 2020.

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• 2019Canadian insurance brands begin consolidation under Canada Life

  Great-West Lifeco announced the consolidation of Great-West Life, London Life, and Canada Life in Canada under the Canada Life name.

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• 2019Canada Life amalgamation approved

  Canadian government approval allowed the three sister insurance companies and their related holding structures to be combined.

  RegulationM&A
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• 2017Canada Life supports Canadian flood relief

  Canada Life and sister companies Great-West Life and London Life contributed to Canadian Red Cross relief efforts following extensive spring flooding.

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• 2017Canada Life contributes to University of Manitoba leadership institute

  Canada Life, Investors Group, and Power Corporation announced financial support for an Institute for Leadership Development at the University of Manitoba.

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• 2003Great-West Life acquires Canada Life Financial

  Great-West Life Assurance Company completed the acquisition of Canada Life Financial after Canada Life had rejected a hostile takeover proposal from Manulife.

  M&A
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1. Canada Life
2. Canada Life Germany