(July 20 – 15:10 ET) – Great-West Life Assurance Company, London Life Insurance Company, (through its newly-created division Freedom 55 Financial), and Manulife Financial have reached an agreement in principle to form an distribution alliance to expand the product offerings of their respective sales organizations. Their sales forces remain separate and competing.
Under this alliance, Freedom 55 Financial and Great-West advisors will have access to a number of Manulife’s universal life, term insurance and investment products, while Manulife Financial reps will have access to Great-West’s individual disability insurance and employee benefits product for small groups.
“As Canadians increase their net worth, they are increasingly looking for a broader range of financial products and services,” says Raymond L. McFeetors, president and CEO, Great-West and London Life. “This alliance will provide each company with access to more industry-leading products and broader access to customers.”
“Everyone stands to gain from this initiative to strengthen and expand our respective product portfolios,” agrees Trevor Matthews, Manulife Financial’s executive vice president of Canadian operations. “Consumers and business owners will be able to consider a broader range of products, working with the advisor of their choice.”
Today’s announcement follows an initiative by Manulife earlier this year to expand its individual business across Canada through distribution agreements with new sales organizations and agencies.
The alliance also reflects the commitment by Freedom 55 Financial and Great-West to expand their product offerings.
-IE Staff