Great-West Lifeco announces plan to proceed with amalgamation of Great-West Life, London Life and Canada Life
Great-West Lifeco announces plan to proceed with amalgamation of Great-West Life, London Life and Canada Life |
[19-July-2019] |
All figures are expressed in Canadian dollars, except as noted.  WINNIPEG, July 19, 2019 /CNW/ - Today, Great-West Lifeco Inc. announced that the boards of directors of its three Canadian life insurance companies, The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company, and their holding companies, Canada Life Financial Corporation and London Insurance Group Inc., have unanimously approved plans to proceed with the amalgamation of these five entities into one company – The Canada Life Assurance Company.    Subject to regulatory and policyholder approval, the amalgamation is expected to be completed by January 1, 2020. Special Meetings of Policyholders of each of the three amalgamating life insurance companies will be called and policyholders will receive an information circular providing background and describing the expected benefits of the amalgamation. Upon approval, the companies will be combined into one single life insurance company operating under The Canada Life Assurance Company name. Great-West Lifeco will remain the parent company, and the amalgamated company will retain all of the amalgamating companies' current corporate office locations. For more information, visit canadalife.com/vote. About Great-West Life, London Life and Canada Life About Great-West Lifeco Inc. Great-West Lifeco and its companies have approximately $1.6 trillion in consolidated assets under administration as at March 31, 2019 and are members of the Power Financial Corporation group of companies. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO. To learn more, visit greatwestlifeco.com.  SOURCE Great-West Lifeco Inc. | ||
Company Codes: Toronto:GWO |
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