In this article titled “Great-West Lifeco”, we shall study all about the insurance company and its services. Also, we shall study subtopics like: Introduction To Great-West Lifeco, Profile Of Great-West Lifeco, Background Details Of Great-West Lifeco, Companies Under Great-West Lifeco, Great-West Life And Annuity and Great-West Life & Annuity Insurance Company Empower.
Let’s start off with the introductory aspect of the insurance company.
Table of Contents
Introduction To Great-West Lifeco
If you are seeking for reliable insurance companies in Canada, then you count the Great-West Lifeco Inc. as one of them. It is a Canadian insurance-centered financial holding company that has other branches in United States, Europe and Asia. Some of the subsidiary insurance companies in Canada that are linked to the Great-West Lifeco U.S. LLC are Great West Life & Annuities Financial Inc. and Putnam Investments, LLC.
In terms of who is incharge of the Great-West Lifeco, Montreal billionaire, Paul Desmarais sits on that position. This is due to his high percentage of shares in the Power Corporation of Canada. According to revenue generated, a higher percentage is made from Canada, followed by Europe and the rest from the United States.
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Profile Of Great-West Lifeco
- Type – Public
- Industry – Financial services and insurance
- Established – 1891; 132 years ago
- Initial Name – The Great-West Life Assurance Company
- Founder – Jeffry Hall Brock
- Headquarters – Winnipeg, Manitoba, Canada
- Stakeholders – Paul A. Mahon (President & CEO) R. Jeffrey Orr (Chairman)
- Owner – Power Financial (66.9%)
- Number Of Employees – 24,500 (2020)
- Subsidiaries – Canada Life, Great-West Lifeco U.S. LLC, Empower Retirement, Putnam Investments.
Background Details Of Great-West Lifeco
Jeffry Hall Brock, who was a local insurance agent discovered Great-West Life in 1891. This was in Winnipeg. Then, in August 28, 1891, it became an incorporated company. The pioneer president of Great-West was Winnipeg mayor Alexander Macdonald in 1892. Also, the founder Jeffry Hall Brock was managing director at that time.
The death of Jeffry Hall Brock in 1915 saw him being replaced by C.C. Ferguson. This new government faced a lot of set-backs and challenges but its revenue wasn’t affected. The company made sure that it took constructive actions in investments to ensure that it wasn’t affected by unforeseen circumstances.
In the early year of 2003, Great-West Lifeco started buying companies. Amongst them were: Canada Life Financial, Indiana Health Network inc and Putnam Investment Trust. However, it went on to make further acquisitions with helped to strengthen its financial backbone.
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Companies Under Great-West Lifeco
- Great West Life & Annuity Insurance Company: its duty is to render life insurance, retirement benefits and annuities to citizens and businesses in all of the USA’s states.
- Empower Retirement: This company operates from Greenwood Village, Colorado and keeps record of a retirement plan. It is the second-largest retirement plan provider in the US.
- The Great West Life Assurance Company: is Canada’s biggest insurance company that provides products like trust securities. However, on January 1, 2020, Great-West Life, Canada Life, and London Life got a new name which was Canada Life.
- Canada Life: This company came into existence in 1847 and has branches at Ireland, Canada, the UK, Germany, and the Isle of Man. Most of its services are insurances that cover: life, disability, creditor and critical illness and wealth management.
- London Life: This company has existed for a very long time and runs services like: savings, investments, retirement, insurance and mortgages.
- Putnam Investments
- Irish Life
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Great-West Life And Annuity
It is unchangeable that unforeseen circumstances must occur. But, what matters is the impact that it leaves. Death can occur at anytime, but it is not proper for it to hit the relations of the deceased. Therefore, it is important you enroll into the Great-West life insurance to make sure that your family’s financial status is covered.
When we talk about Individual life insurance, we talk about an agreement that involves a life insurance company and an individual. It works in a way that, when the individual is alive, he makes payments to the life insurance company. Then, when he dies, the money will be shared amongst his family. However, the family must be insured.
You can decide which type of insurance to apply for depending on which one you wish for. They are:
- Single Premium Life
- Whole Life
- Term Life
- Summit Term
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Great-West Life & Annuity Insurance Company Empower
The head-office of this Empower is at metro Denver, Colorado. As a U.S retirement plan, it is the second largest. Below are all the aspects of the employer-sponsored retirement plan market:
- government 457 plans;
- small, mid-size and large corporate 401(k) clients;
- nonprofit 403(b) entities;
- private-label recordkeeping clients;
- IRA customers.
The main duty of Empower is to offer saving, investing and advice services in addition to materials that will enable Americans become financially stable.
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Related Posts
- Empire Life Insurance Company
- Desjardins Insurance
- Sun Life Financial Inc
- Manulife Financial Corporation
- Aviva Canada
- iA Financial Group
- Intact Financial Corporation
FAQs
What Does Great-West Lifeco Do?
As an worldwide financial services holding company, it deals on life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.
What Is Great-West Life Insurance Presently Called?
The current name of Great-West Life Insurance is “Canada Life Assurance Company”. However, this was as a result of a merger between; The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company and two holding companies.
Who Is The CEO Of Great-West Life?
Paul Mahon is CEO of Great-West Life, Great-West Lifeco, London Life and Canada Life.
Is Great-West Lifeco A Public Company?
Yes, it functions as a public company.
Who Founded The Great-West Life?
Jeffry Hall Brock, a local insurance agent discovered Great-West Life in Winnipeg in 1891.
Does Great-West Life Have An App?
Yes, it has. You can get it via iPhone and iPod Touch devices.
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Conclusion
We just concluded with breakdown of Great-West Lifeco. However, you can carry out more research on these subtopics: Introduction To Great-West Lifeco, Profile Of Great-West Lifeco, Background Details Of Great-West Lifeco, Companies Under Great-West Lifeco, Great-West Life And Annuity and Great-West Life & Annuity Insurance Company Empower.
See Also: http://www.greatwestlifeco.com/