(December 8 – 14:45 ET) – The Canada Life Assurance Company has decided not to apply for a joint venture insurance license in India.

“Our 1996 strategic review called for us to be operational in at least two new businesses and territories by 2000. Over the past four years, Canada Life has met this objective. We now have an operational joint venture in Brazil, a new venture in Germany, and a Reinsurance business,” says David A. Nield, chairman, president and CEO.

“Significant effort has been put into exploring opportunities in India. We still believe in the long term benefits of operating in India and in the growth potential there for insurance protection and wealth management, which are our core businesses.”

“At the same time, we believe our shareholders are best served by concentrating all our resources on our current operations, including our new ventures,” says Nield.
-IE Staff