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The Great West Life Assurance Company is Canada's biggest insurance company. The subsidiary became Canada's leader in 2003 when it paid Cdn$7.3 billion (US$4.7 billion) for Canada Life Financial. [7] [34] Products include trust securities. Great-West Life, Canada Life, and London Life were rebranded as the new Canada Life on January 1, 2020
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In 2003, Great-West Lifeco acquired Canada Life Financial, which later emerged, along with Great-West Life Assurance Company, for US$4.7 billion. [20] Great-West Life sold its health insurance US division to Cigna for US$1.5 billion in a deal announced on November 26, 2007. Great-West was seeking to expand into the western United States. [21]
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Irish Life Assurance was a founding member of Irish Life & Permanent plc. In March 2012, during the Irish financial crisis, the profitable Irish Life Group was purchased from Permanent TSB by the Irish State for €1.2 billion as part of the recapitalisation of Permanent TSB bank. This ended the association between Irish Life Assurance and PTSB.
Power Corporation also by 2009 had interests in the parent company of La Presse, Mackenzie Financial, London Life Insurance, Canada Life Assurance, Great-West Life, and Putnam Investments. [9] The company reduced its number of board directors in 2008 from 21 to 12. [8]
He worked his way up the ranks becoming president and CEO of Great-West Life from 1979 to 1990. From 1986 to 1992, he was president and CEO of Great-West Lifeco. He was Chancellor of Brandon University from 1996 to 2002. [1] In 2002, he was made a Member of the Order of Canada. [2] In 2009, he was made a Member of the Order of Manitoba. [3]