Great-West Lifeco Inc. is merging three of its insurance brands, combining Great-West Life Assurance Co. and its two subsidiaries, London Life and Canada Life.
The new company, which will go by Canada Life, will consolidate an aggregate 13 million Canadian customers.
“Today marks the beginning of a new and exciting chapter for our companies in Canada,” said Great-West Life president and chief executive officer, Paul Mahon, in a statement. “Bringing our companies together under one brand will allow us to deliver a simpler and unified experience for our customers, advisors and consultants.”
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The goal of the merger is to offer a unified set of products and services, the release noted. The insurers’ holding companies will also be amalgamated into one, called the Canada Life Assurance Co.
Great-West Lifeco subsidiaries Quadrus Investment Services, Freedom 55 Financial, GWL Realty Advisors and GLC Asset Management Group will keep their existing branding and Great-West’s U.S. and European businesses won’t be affected by the merger.