The Canada Life Assurance Company, commonly known as Canada Life, is a major Canadian insurance, wealth management, and benefits provider. It is the result of a 2020 amalgamation that unified The Great-West Life Assurance Company, London Life Insurance Company, and the original Canada Life Assurance Company under a single brand. Headquartered in Winnipeg, Manitoba, with a significant presence in Toronto, the company serves millions of customer relationships across Canada and operates internationally. Canada Life is a wholly owned subsidiary of Great-West Lifeco, part of the Power Financial Corporation group.
Corporate History and Formation
The Canada Life Assurance Company of today is the product of a lengthy corporate evolution culminating in a major consolidation. The original Canada Life Assurance Company was founded by Hugh Cossart Baker Sr. on August 21, 1847, making it the first life insurance company established in Canada. It was incorporated in 1849 and initially headquartered on the top floor of the Mechanics' Institute on James Street in Hamilton, Ontario. The company moved its head office in 1883 to King Street East and Hughson Street South, a location later known as the Birks Building. Under president George Albertus Cox, the headquarters was moved to Toronto in 1900. The company commissioned the construction of the Canada Life Building in Montreal, completed in 1895, and was headquartered at historic Cawthra House in Toronto from 1926 to 1929. In 2003, after rejecting a hostile takeover bid from Manulife, Canada Life Financial was acquired by The Great-West Life Assurance Company for US$4.7 billion.
Great-West Life itself was founded in Winnipeg in 1891 by Jeffry Hall Brock and incorporated on August 28, 1891, with local merchant James Ashdown on its board. The company moved to a new building on Osborne Street in 1960, on the site of the old Osborne Stadium, and expanded into a building at Broadway and Osborne in 1983. In 1969, Great-West Life was purchased by Power Corporation, becoming a wholly owned subsidiary. Power Financial Corporation was created in 1984 as a holding company for Great-West Life and its businesses. London Life Insurance Company, founded in London, Ontario in 1874, merged with Great-West Life in 1997 and subsequently became part of the same corporate family as Canada Life in 2003. London Life was best known for its Freedom 55 advertising program launched in 1984, which was later rebranded as the Freedom 55 Financial sales organization in 2000.
In April 2019, parent company Great-West Lifeco announced the consolidation of its three major Canadian brands. The amalgamation of The Great-West Life Assurance Company, London Life Insurance Company, and The Canada Life Assurance Company, along with their holding companies Canada Life Financial Corporation and London Insurance Group Inc., received Canadian government approval in November 2019. They officially began operating as a single entity named The Canada Life Assurance Company on January 1, 2020. This merger created one of Canada's largest insurance and financial services providers, with approximately 10,500 employees working from five regional offices in Winnipeg, London, Toronto, Montreal, and Regina. The Freedom 55 Financial brand was retired as part of this consolidation.
Ownership Structure and Parent Companies
Canada Life operates as a wholly owned subsidiary within a larger Canadian financial conglomerate. The ultimate parent is Great-West Lifeco Inc., a joint-stock corporation traded on the Toronto Stock Exchange and a member of the exchange's composite index. Great-West Lifeco owns 100% of The Canada Life Assurance Company. Power Financial Corporation holds a majority 72% stake in Great-West Lifeco, making it the controlling shareholder. Other operating companies within the Great-West Lifeco group include Irish Life, Great-West Financial, and Putnam Investments. This corporate structure places Canada Life firmly within the Power Financial Corporation group of companies, a significant entity in the Canadian financial landscape. Great-West Lifeco also established a property and asset management arm called Great-West Life Realty in Toronto in 1993, and it sold its US health insurance division to Cigna for US$1.5 billion in 2007 to focus on expansion in the western United States.
Products and Services in Canada
Canada Life offers a comprehensive suite of financial products and services tailored to individuals, families, and business owners across the country. For individuals, the company provides life insurance, disability insurance, critical illness insurance, and job loss insurance. Its wealth management offerings include investments, savings plans, retirement income solutions, and annuities. Canada Life is also a leading provider of creditor insurance, which is distributed through financial institutions and other lenders. Group payout products, such as those for employee benefits, are issued by Canada Life but distributed through Great-West Life. The company's historical brands were known for specific innovations, such as Great-West Life's introduction of a distinct universal life policy in 1982 and its entry into the accident and health insurance business in 1942, a first for a Canadian company. London Life's famous Freedom 55 retirement savings program launched in 1984 aimed to allow retirement at age 55.
The company's services extend beyond traditional insurance to focus on overall financial, physical, and mental wellbeing. It provides digital tools through online accounts and mobile apps for customers to submit claims, update personal information, check coverage, and manage savings. Canada Life also develops resources for employers, including toolkits and research reports aimed at improving financial confidence and savings outcomes among employees, with a particular focus on generational challenges such as those faced by Gen Z workers. The company provides practical tools and resources to help businesses grow, including financial support opportunities and a verified program to advance Indigenous relations for Indigenous businesses. It also offers an Indigenous procurement program and marketplace, a directory for business connections, and an online learning Mini MBA program to enhance the impact and capacity of its members.
International Operations and Acquisitions
While deeply rooted in Canada, Canada Life maintains a significant international presence. The company operates in the United Kingdom, the Isle of Man, Germany, and in Ireland through its subsidiary Irish Life. Canada Life began its UK operations in 1903. In these European markets, Canada Life and Irish Life provide a range of protection and wealth management products to individuals and families. Furthermore, Canada Life is a leading provider of reinsurance solutions in the United States and international markets. These reinsurance offerings include traditional mortality, structured, and longevity reinsurance for other life insurance companies. The company's international portfolio has seen changes, including the 2007 sale of its US health insurance division to Cigna for US$1.5 billion as Great-West Life sought to expand into the western United States. In a notable 2024 transaction, the UK bonds and legacy pensions business of Canada Life was acquired by Chesnara.
Through its history, the original Canada Life Assurance Company made several acquisitions and founded sister companies. In 1998, it acquired the Crown Life Insurance Company of Canada, a company founded in 1900 and based in Toronto. The company also had offices in Brazil in addition to its European and US operations. The separation of US and Canadian operations for Great-West Life occurred in 1979, primarily due to rapid growth in the United States. The current company provides reinsurance solutions for life insurers in the US and international markets, maintaining its global footprint in the financial services sector.
Leadership and Corporate Recognition
The leadership of Canada Life and its predecessor companies has included many notable figures in Canadian finance. The founding president was Hugh Cossart Baker Sr., who served from 1847 to 1859. Subsequent presidents included John Young, Edward Cartwright Thomas, Alexander Gillespie Ramsay, and George Albertus Cox, who oversaw the move to Toronto. Later presidents were Herbert Coplin Cox, Leighton Goldie McCarthy, and Alfred Newton Mitchell. More recent presidents have been Edward Hamon Crawford, David Alexander Nield, William Lawrence Acton, Raymond Lindsay McFeetors, David Allen Loney, and Paul A. Mahon who has served since 2013. David Martin Harney is slated to become president in 2025.
The role of Chairman of the Board for Canada Life and its predecessors has been held by many individuals. Early chairmen included Herbert Coplin Cox, Leighton Goldie McCarthy, Alfred Newton Mitchell, and Edwin George Baker. Graham Ford Towers, the former Governor of the Bank of Canada, served as Chairman from 1961 to 1969. Later chairmen included John Girdlestone Hungerford, Allan Hazlett Lemmon, David Waddell Barr, Edward Hamon Crawford, David Alexander Nield, Robert Gratton, and Raymond Lindsay McFeetors. Robert Jeffrey Orr has served as Chairman since 2013. The company has been recognized for its workplace culture. It is listed on Canada's Top 100 Employers and Top 100 Employers for Young People lists. The amalgamated Canada Life has approximately 10,500 employees.
Community Involvement and Philanthropy
Canada Life and its predecessor companies have a long history of corporate philanthropy and community support. The company states a focus on working with forward-thinking organizations to create positive change and support communities to help them reach their potential. Its charitable activities have included significant donations to educational institutions, cultural organizations, and disaster relief. In May 2017, the company contributed $25,000 to the Canadian Red Cross to assist people affected by spring flooding. That same year, it joined with Investors Group and Power Corporation of Canada in a $12 million commitment to the University of Manitoba to establish an Institute for Leadership Development.
The company established the James W. Burns Founder Endowment Fund in February 2020 following the death of the former president and chief executive officer. Canada Life has also donated resources directly to communities, such as providing 470 tickets for a Michelle Obama event to the Winnipeg School Division. The company has been a long-term sponsor of the Future Leaders of Manitoba awards, supporting emerging community leaders. Notable recipients of the award have included Indigenous activist Michael Redhead Champagne, politician Kevin Chief, film director Adam Smoluk, community leader Hannah Pratt, surgeon Dr. Jordan Hochman, Manitoba SwimAbility president Cameron Krisko, and young philanthropist Ben Sabic. These initiatives are part of the company's broader commitment to enhancing the wellbeing of Canadians beyond financial services.
Notable Legal Proceedings and Business Risks
The company has been involved in legal cases that highlight complexities in insurance contracts and business operations. In one instance, Canada Life Financial was sued by Vanessa Valentyne after it refused to pay out a life insurance policy for her missing son. The company cited an exclusionary clause in the policy that stated it would not pay if the death resulted from the policyholder's criminal activity. Valentyne's son had been involved in drug dealing for six years prior to his disappearance from a drug dealing house on January 7, 2013. This case illustrates the application of contractual exclusions in life insurance policies. In a separate matter concerning its international operations, Canada Life, UK initiated legal proceedings in the High Court against a former employee, Domenico Iacono, alleging he illegally removed confidential information after leaving the company. These cases demonstrate the legal and ethical considerations inherent in the insurance business, including the enforcement of policy terms and the protection of proprietary business information.
Key Historical Milestones and Records
The history of Canada Life and its constituent companies spans over 175 years. The original Canada Life Assurance Company was founded in 1847 as Canada's first life insurance company. London Life was founded in London, Ontario, in 1874. Great-West Life was founded in Winnipeg in 1891 and incorporated on August 28 of that year. The modern company is the result of the 2020 amalgamation of these three major firms and their holding companies.
- 1847: Hugh Cossart Baker Sr. founds The Canada Life Assurance Company, Canada's first life insurer.
- 1874: London Life Insurance Company is founded in London, Ontario.
- 1891: The Great-West Life Assurance Company is founded in Winnipeg on August 28.
- 1903: Canada Life begins operations in the United Kingdom.
- 1942: Great-West Life becomes the first Canadian company to enter the accident and health insurance business.
- 1969: Power Corporation purchases Great-West Life.
- 1982: Great-West Life begins offering a universal life policy.
- 1984: London Life launches its Freedom 55 advertising program. Power Financial Corporation holding company is created.
- 1997: London Life merges with Great-West Life.
- 1998: Canada Life acquires Crown Life Insurance Company of Canada.
- 2003: Great-West Lifeco acquires Canada Life Financial for US$4.7 billion.
- 2007: Great-West Life sells its US health insurance division to Cigna for US$1.5 billion.
- 2019: Great-West Lifeco announces consolidation of its three Canadian brands under the Canada Life name in April.
- 2020: The amalgamated Canada Life Assurance Company officially begins operations on January 1.
- 2024: Chesnara acquires the UK bonds and legacy pensions business of Canada Life in December.
The growth of Canada Life shows a progression from separate regional entities to a unified national and international financial services leader. As of December 31, 2004, London Life reported having assets under management of $40 billion in Canadian funds. London Life also reported having 1.9 million participating life insurance policies at that time. In 2009, London Life ranked 14th among Canada's largest private companies.
Business Scale and Customer Reach
Canada Life is a substantial entity within the Canadian financial sector. Following the 2020 amalgamation, the company proudly serves more than 13 million customer relationships across Canada from coast to coast to coast. The company has been supporting Canadians for over 175 years, providing sound guidance and delivering on promises made to individuals, families, and business owners. Its scale is reflected in its workforce of approximately 10,500 employees at the time of the rebrand in 2020. The company's assets under management have been historically significant, with London Life alone reporting $40 billion in Canadian funds as of December 31, 2004. The corporate group's activities in wealth management, group benefits, and individual insurance products position it as a leading provider in the national market. The company looks at all the ways it can support communities to help them reach their potential, working collaboratively with organizations to create positive change every day.
Frequently asked questions
What is Canada Life Assurance Company?
The Canada Life Assurance Company is a major Canadian provider of insurance, wealth management, and employee benefits. It was formed in 2020 through the amalgamation of The Great-West Life Assurance Company, London Life Insurance Company, and the original Canada Life Assurance Company. The company serves approximately 13 million customer relationships in Canada and operates internationally in the UK, Isle of Man, Germany, and Ireland. It is a wholly owned subsidiary of Great-West Lifeco, part of the Power Financial Corporation group.
What happened to London Life and Great-West Life?
London Life and Great-West Life were merged into the Canada Life brand. London Life had merged with Great-West Life in 1997, and both, along with the original Canada Life, were under the Great-West Lifeco corporate umbrella. In April 2019, the parent company announced the consolidation of all three brands into a single entity operating as The Canada Life Assurance Company, effective January 1, 2020. The Freedom 55 Financial brand associated with London Life was retired at that time.
What products does Canada Life offer?
In Canada, Canada Life offers a wide range of products including life, disability, critical illness, and job loss insurance for individuals and families. For wealth management, it provides investments, savings plans, retirement income solutions, and annuities. The company is also a leading provider of creditor insurance through lenders and offers group benefits products distributed by Great-West Life. Internationally, it provides protection and wealth management products in Europe and reinsurance solutions in the U.S. and other markets.
Where is Canada Life headquartered?
The Canada Life Assurance Company is headquartered in Winnipeg, Manitoba, at 100 Osborne Street North. The company maintains a significant presence in Toronto, Ontario, at the historic Canada Life Building on University Avenue. Employees work from five regional offices located in Winnipeg, London, Toronto, Montreal, and Regina. The original Canada Life head office was in Hamilton, Ontario, and Great-West Life was founded and long based in Winnipeg.
When was Canada Life founded?
The original Canada Life Assurance Company was founded on August 21, 1847, by Hugh Cossart Baker Sr. This made it the first life insurance company established in Canada. The firm was formally incorporated in 1849. The modern entity bearing the name Canada Life resulted from a 2020 amalgamation. This merger combined the original Canada Life with The Great-West Life Assurance Company, founded in 1891, and London Life Insurance Company, founded in 1874. The amalgamated company officially began operating as The Canada Life Assurance Company on January 1, 2020.
Who owns Canada Life?
Canada Life is a wholly owned subsidiary of Great-West Lifeco. Great-West Lifeco is a publicly traded joint-stock corporation listed on the Toronto Stock Exchange. The majority stakeholder of Great-West Lifeco is Power Financial Corporation, which owns a 72 percent controlling interest. Therefore, Canada Life is ultimately part of the Power Financial Corporation group of companies. This corporate structure was solidified when Great-West Lifeco acquired Canada Life Financial in 2003 for 4.7 billion dollars.
Sources and further reading
- Canada Life Assurance Company (Wikipedia) en.wikipedia.org
- Canada Life: Insurance, Investments, & Retirement canadalife.com
- The Canada Life Assurance Company ccib.ca
- Canada Life greatwestlifeco.com
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