The merger of Desjardins-Laurentian Life Assurance and the Imperial Life Assurance Company of Canada is in its final stages. The common shareholders of the two companies will be asked to approve the merger agreement at their respective general meeting to be held next November 9 in Toronto and Levis, Quebec. The 350,000 participating policyholders of the two companies will also be convened by mail to attend these meetings.

The company’s name following the merger will be Desjardins Financial Security Life Assurance Company; however, it will be commonly referred to as Desjardins Financial Security.

“This will be the first time that the name Desjardins will be used throughout the Canadian market,” said Monique F. Leroux, President of Desjardins-Laurentian Financial Corporation and Chief Executive Officer of the new company. “Desjardins Financial Security will have the support of its affiliation with the largest financial group in Quebec and the sixth largest in Canada, with $80 billion in assets, to guarantee its growth in a bigger market and to contribute to the growth of Desjardins itself.”

“For our clients, the new name will convey quite clearly the comprehensive and integrated products and services available to them. It also serves as a reminder of their fundamental financial planning objective, that of financial security,” explain François Joly and Marcel Pépin, Presidents DLLA and Imperial Life respectively.

The new company will serve 4.5 million clients and employ some 2,500 people and 6,200 representatives throughout Canada. Based on each company’s financial results for the year 2000, Desjardins Financial Security will have total assets under management of $13.4 billion and a premium volume of $1.5 billion, that is, 50% more than the current volume of premiums of Desjardins-Laurentian Life Assurance and three times that of Imperial Life.

Desjardins Financial Security will have the benefit of the combined human and financial resources as well as the innovative capabilities of the two companies to meet the ever-changing insurance and savings needs of Canadian consumers.

The merger will have no impact on the insurance, annuity or savings contracts of clients of DLLA and Imperial Life or those of companies acquired by either one over the years. Their life and health insurance, investment and financial planning products and services will remain unchanged.


Approval by the shareholders constitutes the final step in the merger of the two companies next December 28, which will then be submitted to the legislative authorities for approval. Desjardins- Laurentian Financial Corporation announced its intention to merge last April 6. Participating policyholders have already approved the company’s Quebec charter. The Canadian Senate and House of Commons adopted a private bill authorizing the company to initiate proceedings with the Quebec legislative authorities.