{"id":391293,"date":"2019-11-25T13:39:11","date_gmt":"2019-11-25T18:39:11","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/?p=391293"},"modified":"2019-11-25T13:39:11","modified_gmt":"2019-11-25T18:39:11","slug":"amalgamation-of-gwls-lifecos-becomes-official-in-january","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/industry-news\/amalgamation-of-gwls-lifecos-becomes-official-in-january\/","title":{"rendered":"Amalgamation of GWL\u2019s lifecos becomes official in January"},"content":{"rendered":"<p>The previously announced <a href=\"https:\/\/www.investmentexecutive.com\/news\/industry-news\/great-west-lifeco-consolidating-brands-in-canada-under-canada-life-banner\/\" target=\"_blank\" rel=\"noopener\">amalgamation<\/a> of Great-West Lifeco\u2019s life insurance companies will become official in the new year.<\/p>\n<p>Starting on Jan. 1, 2020, the three companies \u2014 Great-West Life Assurance Company, London Life Insurance Company and the Canada Life Assurance Company \u2014 will operate as the Canada Life Assurance Company.<\/p>\n<p>Canada Life made the announcement Monday after the amalgamation received final approval from the Department of Finance.<\/p>\n<p>\u201cOne company means a simpler way of working together, allowing us to focus even more on growth and innovation,\u201d Paul Mahon, president and CEO of Canada Life, said in a statement. \u201cWe believe this is the right move at the right time, and we know our customers and policyholders will benefit under one single company.\u201d<\/p>\n<p>When the amalgamation was first announced in April, Hugh Moncrieff, Canada Life\u2019s executive vice-president, advisory network and industry affairs, told <em>Investment Executive<\/em> that the change would simplify \u201c<a href=\"https:\/\/www.investmentexecutive.com\/news\/industry-news\/what-the-consolidation-of-great-wests-life-insurance-businesses-will-mean-for-advisors\/\" target=\"_blank\" rel=\"noopener\">how advisors choose products<\/a>.\u201d<\/p>\n<p>Canada Life has already made progress on that front.<\/p>\n<p>The company began the transition to a <a href=\"https:\/\/www.investmentexecutive.com\/news\/products\/canada-life-unveils-new-product-shelf\/\" target=\"_blank\" rel=\"noopener\">single shelf of products<\/a> in July. It renamed its London Life Pathways mutual funds\u00a0<a href=\"https:\/\/www.investmentexecutive.com\/news\/products\/canada-life-makes-changes-to-its-pathways-mutual-funds\/\" target=\"_blank\" rel=\"noopener\">Canada Life Pathways mutual funds<\/a> in October. Earlier this month, Canada Life <a href=\"https:\/\/www.investmentexecutive.com\/news\/industry-news\/canada-life-streamlines-seg-fund-shelf\/\" target=\"_blank\" rel=\"noopener\">streamlined its shelf of segregated funds<\/a>.<\/p>\n<p>On Monday, the firm said it would combine its Canadian open participating accounts and launch new Canada Life participating life products on Jan. 1, 2020.<\/p>\n<p>In a release, Canada Life said the amalgamation won\u2019t change the terms and conditions of policies and contracts that have already been issued.<\/p>\n<p>\u201cOperating as one company positions us for success today, tomorrow and for many years in the future, and we are excited about this next step in our journey,\u201d said Jeff Macoun, Canada Life\u2019s president and chief operating officer, Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Company exec says the change will simplify \u201chow advisors choose products\u201d<\/p>\n","protected":false},"author":148356,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2318,2312],"tags":[2830],"yst_prominent_words":[52882,52880,52879,52877,50685,50683,50682,50680,50678,49782,44873,10,23452,19933,11358,8057,5866,5834,4733,16],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/391293"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/148356"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=391293"}],"version-history":[{"count":4,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/391293\/revisions"}],"predecessor-version":[{"id":391300,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/391293\/revisions\/391300"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=391293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=391293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=391293"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=391293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}