Great-West Lifeco consolidating, rebranding as Canada Life
Move will unite more than 11,000 employees across Canada but no jobs to be cut
Great-West Lifeco is consolidating its three Canadian life insurance companies under a single brand.
The Winnipeg-based company says Great-West Life Assurance, London Life Insurance and Canada Life Assurance will come together under the Canada Life banner.
"Today marks the beginning of a new and exciting chapter for our companies in Canada. We really are very excited about our future," said Paul Mahon, president and CEO, adding the unified group of companies represents one in three Canadians — 13 million.
Great-West says its businesses in the U.S. and in Europe are not affected by this change.
The company says the move will unite more than 11,000 employees across Canada but no jobs will be cut as a result of this announcement.
Those employees will continue to work from the company's five main offices in Winnipeg, London, Toronto, Montreal and Regina, as well as other regional offices across the country.
The reason there won't be any significant structural change is because those adjustments were made when London Life merged with Great West Life in 1997 and again when Canada Life joined in 2003, Mahon said.
What's coming together now is the way the company is marketed.
"Now, rather than reaching out with three separate brands, we'll be reaching out with a single brand," Mahon said.
In addition to the brand unification, Great-West Life, London Life, Canada Life and their holding companies also have started the process of formally amalgamating as one company.
The company says the change, which requires board, regulatory and policyholder approvals, will further simplify the business.