(August 1 – 16:00 ET) -The Canada Life Assurance Company says it has completed its acquisition of the Canadian payout annuity business of Confederation Life Insurance Co. The deal closed today, following court and regulatory approvals.
As a result of the acquisition, Canada Life receives assets currently valued at approximately $725 million to support future annuity payments. Annuity holders will receive confirmation from Canada Life that it is now responsible for making future payments. The new acquisition increases the size of this business by 20%, to $4.3 billion.
Canada Life now pays benefits on more than 130,000 annuities to Canadian consumers, an increase of over 40% since its acquisition of Crown Life’s Canadian operations in January 1999. The company says this latest acquisition is part of its ongoing strategy to increase its share of the Canadian wealth management products and services market.
-IE Staff