Great-West Lifeco has announced it is consolidating its three life insurance brands – Great-West Life, London Life and Canada Life – under the Canada Life banner.
The process will establish Canada Life as the single brand under which the organization will deliver and communicate its products and services within the Canadian market. Canada Life is the oldest of the company’s brands, having first been established in 1847. London Life was established in 1874, with Great West Life coming in 1891.
In addition, Great-West Life, London Life, Canada Life and their holding companies have also begun the process to formally amalgamate as one company, to be called The Canada Life Assurance Company. The move, separate but aligned with the brand consolidation, is aimed to further simplify the organization’s business, though it is still subject to required board, regulatory and policyholder approvals.
Jeff Macoun, president and chief operating officer for Canada at Great-West Lifeco, said in today’s announcement that coming together as a one company under a single brand will allow it to “present a unified voice, product and service offering and a simplified experience for customers, advisors and consultants.”
The three companies serve over 13 million customers in Canada.
Subsidiaries of the three companies that work outside of life insurance – Quadrus Investment Services, Freedom 55 Financial, GWL Realty Advisors and GLC Asset Management – will retain their branding. The change also does not affect Great-West Lifeco’s business in the U.S. and Europe.
