Canada Life Financial Corporation has completed the acquisition of CNA Life Insurance Co. of Canada, a leading provider of preferred term life insurance products in Canada.

First announced on June 25, Canada Life says the acquisition adds scale to its book of term business and enables the company to achieve greater operating efficiencies.

The transaction is expected to be neutral to earnings for the remainder of 2002 and accretive to earnings in 2003.

Headquartered in Kitchener, Ont., CNA Canada was a wholly owned subsidiary of CNA Financial Corp. of Chicago.