In this article, titled ”The Canada Life Assurance Company”, we shall find out all the necessary details pertaining to the company. We can achieve this by discussing some of these subtopics: Overview Of The Canada Life Assurance Company, Profile Of The Canada Life Assurance Company, History Of The Canada Life Assurance Company and The Philanthropic Nature Of The Company.
Now, lets proceed with the introductory part of the topic.
Overview Of The Canada Life Assurance Company
Another name for the Canada Life Assurance Company is Canada Life. It functions as an insurance and financial services company. Apparently, it carries out its activities from their head office which is located at Winnipeg, Manitoba.
An remarkable incident happened in 2020 which led to formation of this present company. Three companies; The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company merged. Meanwhile, the company emanates from the Great-West Lifeco as a subsidiary.
Profile Of The Canada Life Assurance Company
It runs as a subsidiary type of insurance company, which provides financial and insurance services. The founder, Hugh Cossart Baker Sr. established it in 1847. However, the company’s headquarters is at Winnipeg, Manitoba.
The President and CEO of the company is Paul A. Mahon. Meanwhile, the Chairman of the company is R. Jeffrey Orr. Approximately, 10,500 people work for the company, with Great-West Lifeco as the parent company. Other subsidiaries is Irish Life.
The company’s website is “www.canadalife.com”.
History Of The Canada Life Assurance Company
Era Of Great-West Life Assurance Company
This particular stood out in its provision of life, disability, and health insurance; benefit and retirement plans; and investment advice. The United States and Canada were their main focal point.
In 1891, Jeffry Hall Brock, a local insurance agent, established the Great-West Life in Winnipeg. It was not until 1942, that it emerged the pioneer Canadian company to enter the accident and health insurance business. Subsequently, it relocated to Osborne Street.
A new ownership, Power Corporation, took over the Great-West in 1969. It became a full-time owned subsidiary. This company stood out in the rendering of universal life policy. Subsequently, the Power Financial Corporation came into existence as a holding company for Great-West.
Era Of London Life Insurance Company
The amalgamation of The London Life Insurance Company and Great-West Life took place in 1997. Subsequently, in 2003, the original Canada Life merged with them. It was in 1874 that London Life came into existence with its headquarters in London, Ontario.
Impressively, London Life got listed among the Canada’s largest private companies. This company stood out in its “Freedom 55” slogan. It simply meant that, one can save money to an extent that would allow one to retire at age 55.
As at December 31, 2004, over $40 billion (Canadian funds) worth of assets were under the control of the company. Also, it had 1.9 million participating life insurance policies. Subsequently, the company witnessed a merger with Great-West Life Assurance Company and Canada Life Financial, under the new brand and the banner of Canada Life.
Era Of Canada Life Financial Corporation
After it’s establishment in 1847, Great-West Life Assurance Company bought it in 2003. Some places were you would find a Canada Life Financial office were in: United Kingdom; Ireland; Germany; Brazil; the United States; and on the Isle of Man.
Initially, the pioneer head office of the Canada Life Financial Corporation was in Hamilton, Ontario. Then, in 1883, it relocated to King Street East and Hughson Street South. Seven years later, George Cox, the just elected company president, moved the headquarters to Toronto. From 1926 to 1929, the company was headquartered at historic Cawthra House in Toronto.
The Philanthropic Nature Of The Company
It is never in doubt that the Canada Life Assurance Company offer help to those in need. Evidently, on May 28, 2017, it’s associate or sister companies; Canada Life, London Life and Great-West Life raised donated $25,000 to Canadian Red Cross. This was to assist those who were victims of Spring flooding in Canada.
Within that same period, the company in association with the Investors Group and the Power Corporation of Canada, declared a pledge of $12 million to the University of Manitoba. This will enable them build a citadel for Leadership Development.
Other remarkable acts were the creation of the “James W. Burns ‘Founder Endowment Fund’ ” in February 2020,the Manitoba Museum $750,000.00 donation to their capital campaign, “Bringing Our Stories Forward”, by Canada Life, etc.
In addition to these donations, The company also carry out sponsorships that have impacted the lives of many.
Conclusion
This article just talked about the; Overview Of The Canada Life Assurance Company, Profile Of The Canada Life Assurance Company, History Of The Canada Life Assurance Company and The Philanthropic Nature Of The Company. Carefully read through it to know all about the above listed subtopic. Also, you can research more to find out extensive details about this company.