Canada Life Financial Corp. today announced it has completed the acquisition of the group life and long term disability business from Royal & SunAlliance Insurance Group plc.

Effective October 1st, Royal & SunAlliance reassured its group insurance risks with Canada Life who will administer the insurance. Formal transfer of the business will occur after court approval, expected in mid-2003.

The acquisition, first announced on July 29, 2002, has established Canada Life as the market leader in the United Kingdom’s group life business, the country’s second largest group income protection (disability) insurance provider and first among all U.K. group life insurance suppliers.

The business was purchased for 60 million pounds sterling (approximately $150 million) in cash.

Approximately 180 Royal & SunAlliance employees retained by Canada Life continue to work in Bristol, the new, permanent location of the company’s expanded U.K. group operations.

The acquisition was pursued as part of Canada Life’s strategic plan to build on its existing strengths in its core U.K. markets, which are expected to deliver strong shareholder and customer value in areas of proven expertise.