Great-West Lifeco consolidating brands in Canada under Canada Life banner
Great-West Lifeco world headquarters is pictured in Winnipeg, Tuesday, February 19, 2013. (THE CANADIAN PRESS/John Woods)
WINNIPEG -- Great-West Lifeco Inc. is consolidating its three Canadian life insurance companies under a single brand.
The Winnipeg-based company says the Great-West Life Assurance Co., London Life Insurance Co. and the Canada Life Assurance Co. will come together under the Canada Life banner.
Great-West says its businesses in the U.S. and in Europe are not affected by this change.
The company says the move will unite more than 11,000 employees across Canada but no jobs are to be cut as a result of this announcement.
In addition to the brand unification, Great-West Life, London Life, Canada Life and their holding companies have also begun the process to formally amalgamate as one company.
The company says the change, which requires board, regulatory and policyholder approvals, will further simplify the business.
Great-West is a member of the Power Financial Corp. group of companies.