{"id":373,"date":"2023-11-27T13:52:41","date_gmt":"2023-11-27T13:52:41","guid":{"rendered":"https:\/\/policyarchitects.com\/CN\/great-west-life-assurance-company-whats-their-story\/"},"modified":"2024-08-19T18:28:04","modified_gmt":"2024-08-19T18:28:04","slug":"great-west-life-assurance-company","status":"publish","type":"post","link":"https:\/\/policyarchitects.com\/CN\/great-west-life-assurance-company\/","title":{"rendered":"Great West Life Assurance Company: What’s Their Story?"},"content":{"rendered":"

If you’re searching for a great West Life assurance company, chances are you have already heard it has been amalgamated into the Canada Life brand.\u00a0<\/strong><\/p><\/blockquote>\n

They are not alone; London Life Insurance and Canada Life Assurance Company join them under the Great-West Lifeco umbrella.<\/p>\n

This is a fascinating time for this company; they have already had positive results.<\/p>\n

Great West LifeCo (their holding company) reported a 6% dividend increase for their fourth quarter of 2019 and has a consolidated AUM of $1.6 Trillion.<\/strong><\/em><\/p>\n

Now that’s not too shabby!<\/p>\n

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\u201cFor more than 125 years, our three Canadian insurance companies have built a deep history of honouring commitments and promises to Canadians. As one company, this won\u2019t change,\u201d added Canada Life president and chief operating officer Jeff Macoun.”<\/p>\n

Macoun added that all three companies have been leaders in the life insurance space for generations. Thanks to amalgamation, Canada Life will also combine its Canadian open participating accounts, and will launch new Canada Life participating life products early next year.”<\/p>\n

Great-West Life, London Life and Canada Life amalgamation gets federal approval, Insurance Business Canada<\/a><\/p>\n<\/blockquote>\n

Great West Life Assurance Company, London Life Insurance & Canada Life Assurance Company Stronger Together<\/h3>\n

Think about it. If you own three similar companies with different operating systems, products, underwriting policies, and marketing approaches…\u00a0<\/strong><\/p>\n

What would you do?<\/p>\n

Great-West Lifeco chose to join forces to create a mega-life insurer.<\/em> It plans to consolidate its operations over the next 24 months to concentrate on technology, innovation, and providing its clients with the best products and services.<\/p>\n

In today’s world, moving with the times is more important than ever, and Great-West Lifeco is attempting to stay ahead of the trend.<\/b><\/p>\n

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The History of Great-West Lifeco \u00a0(Canada Life’s Holding Company)<\/h2>\n

Great-West Lifeco was founded in 1891 by Jeffrey Hall Brock.<\/strong> Hey, do you want to hear an interesting fact about this company? Two of its policyholders died on the Titanic in 1912!<\/p>\n

When this company was launched, 31 out of 40 insurance companies doing business in Canada were foreign-owned…<\/p>\n

NONE of those insurers were based in Western Canada, leaving a huge opportunity.<\/em><\/p>\n

Great-West Lifeco saw this niche and filled it.\u00a0<\/strong><\/p>\n

You are sadly mistaken if you think this is where the story ends. Not satisfied with doing business in Canada, Great-West Lifeco entered the US market in 1906…<\/p>\n

…and in the early 1940’s, penetrated the Eastern Canadian market.<\/p>\n

Quite frankly, their aggressive business model is one to be admired. They also seem to have excellent leadership skills, as they have managed to withstand two world wars and a depression. This is one of the things I like most about life insurance companies with long histories.<\/a><\/p>\n

Acquisitions Is Their Game<\/h3>\n

Great-West Lifeco is run by motivated people who have continued to grow the company exponentially. By 1942,\u00a0they were the FIRST Canadian insurer to adopt accident and health insurance business models.\u00a0<\/strong><\/p>\n

As they expanded their offerings, they also expanded their footprint.<\/p>\n

Great-West Lifeco acquired the following companies:<\/p>\n