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Founded by Jeffry Hall Brock in 1847.1
Great-West Life Assurance Company
The Great-West Life Assurance Company (French: La Great-West, Compagnie d'Assurance-vie) provided life, disability, and health insurance; benefit and retirement plans; and investment advice. It was active in both the United States and Canada.
Great-West Life was founded in Winnipeg in 1891 by Jeffry Hall Brock, a local insurance agent. The company was incorporated on August 28, 1891, with local residents such as James Ashdown on its board. In 1942, it was the first Canadian company "to enter the accident and health insurance business." In 1960, the company moved to Osborne Street, where it had constructed a new building on the site of the old Osborne Stadium. In 1983, the company expanded into a building on the corner of Broadway and Osborne.
In 1979, US and Canadian operations were separated due mostly to rapid US growth. In 1969, Great-West was purchased by the Power Corporation, which made it into a wholly owned subsidiary. In 1982, Great-West began offering a universal life policy which differed from those offered by competitors. Two years later, in 1984, the Power Financial Corporation was created as a holding company for Great-West and its numerous businesses.
Great-West Life Realty (GWL Realty) is the Toronto-based property and asset management arm of Great-West Life, established in 1993.
London Life Insurance Company
The London Life Insurance Company (or London Life) merged with Great-West Life in 1997, then joined the original Canada Life in 2003. London Life was a part of Great-West Lifeco subsidiary, Great-West Life Assurance Company. London Life was founded in London, Ontario, in 1874, and remains headquartered there. In 2009, London Life ranked 14th among Canada's largest private companies. The company reportedly had assets under management of $40 billion (Canadian funds) as at December 31, 2004, and 1.9 million participating life insurance policies.
London Life was best known for its widely advertised Freedom 55 program launched in 1984, which evokes saving money to an extent that would allow one to retire at age 55 instead of age 65, the standard retirement age under the Canada Pension Plan. The tagline was later repurposed for the company's sales organization, which was rebranded Freedom 55 Financial in 2000.
In 2019, London Life merged with its sister companies, Great-West Life Assurance Company and Canada Life Financial, under the banner of Canada Life. The Freedom 55 Financial brand was also retired at this point.
Canada Life Financial Corporation
Hugh Cossart Baker Sr. established the Canada Life Assurance Company (CLAC), the first life insurance company in Canada, on 21 August 1847. The firm was incorporated in 1849.
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The company was acquired by Great-West Life Assurance Company in 2003, after rejecting a hostile takeover bid by rival Manulife. Canada Life Financial had offices in the United Kingdom; in Ireland; Germany; Brazil; the United States; and on the Isle of Man.
The first CLAC head office was in Hamilton, Ontario on the top floor of the Mechanics' Institute on James Street near Merrick, where the Hamilton City Centre (formerly the Eaton's Centre) now stands. The head office moved in 1883 to King Street East and Hughson Street South (later known as the Birks Building). The company commissioned the building of the Canada Life Building, which was completed in 1895, in Montreal. The headquarters of CLAC was moved to Toronto in 1900 by newly installed company president George Cox. From 1926 to 1929, the company was headquartered at historic Cawthra House in Toronto.
Several acquisitions were made and sister companies founded through the years, including:
Crown Life Insurance Company of Canada
Crown Life was founded in 1900 and was based in Toronto. It was acquired by CLAC in 1998.
Canada Life, UK
Canada Life began operations in the United Kingdom in 1903. Chesnara acquired the UK bonds and legacy pensions business of Canada Life in December 2024.
From Wikipedia’s article on Canada Life, shared under CC BY-SA 4.0.4