The previously announced amalgamation of Great-West Lifeco’s life insurance companies will become official in the new year.
Starting on Jan. 1, 2020, the three companies — Great-West Life Assurance Company, London Life Insurance Company and the Canada Life Assurance Company — will operate as the Canada Life Assurance Company.
Canada Life made the announcement Monday after the amalgamation received final approval from the Department of Finance.
“One company means a simpler way of working together, allowing us to focus even more on growth and innovation,” Paul Mahon, president and CEO of Canada Life, said in a statement. “We believe this is the right move at the right time, and we know our customers and policyholders will benefit under one single company.”
When the amalgamation was first announced in April, Hugh Moncrieff, Canada Life’s executive vice-president, advisory network and industry affairs, told Investment Executive that the change would simplify “how advisors choose products.”
Canada Life has already made progress on that front.
The company began the transition to a single shelf of products in July. It renamed its London Life Pathways mutual funds Canada Life Pathways mutual funds in October. Earlier this month, Canada Life streamlined its shelf of segregated funds.
On Monday, the firm said it would combine its Canadian open participating accounts and launch new Canada Life participating life products on Jan. 1, 2020.
In a release, Canada Life said the amalgamation won’t change the terms and conditions of policies and contracts that have already been issued.
“Operating as one company positions us for success today, tomorrow and for many years in the future, and we are excited about this next step in our journey,” said Jeff Macoun, Canada Life’s president and chief operating officer, Canada.