Enhances Canada Life's presence in the UK
WINNIPEG, July 2, 2015 /CNW/ - Great-West Lifeco Inc. today announced
that its European subsidiary, Canada Life Group, has completed its
previously announced acquisition of Legal & General International
(Ireland) Limited (LGII). Terms of the transaction were not disclosed.
Launched in 2007, LGII was a subsidiary of Legal & General Group Plc and
is based in Dublin, Ireland, a country with a leading international
financial services centre. LGII provides quality investment and wealth
management solutions, primarily focused on the UK high net worth
market, and has over 4,300 UK investment bond policies with assets
under administration of £2.7bn as at 31 March 2015 (Cdn. $5.3 billion).
"This transaction enhances Canada Life's position in the UK, and gives
clients and professional advisers further confidence in our
UK business," said Paul Mahon, President and Chief Executive Officer of
The transaction will not have a material impact on Great-West Lifeco's
About Canada Life
Canada Life is part of a group of companies owned by Great-West Lifeco
Inc., a diversified financial services holding company headquartered in
Winnipeg, Canada. Great-West Lifeco and its insurance subsidiaries have
received strong ratings from major rating agencies.
Canada Life began operations in the United Kingdom in 1903 and looks
after the retirement, investment and protection needs of individuals
and companies alike. The company offers protection, life cover,
critical illness cover, and whole of life cover for groups and
individuals; and retirement income planning, annuities, pension bonds,
savings and investments, investment bonds, inheritance tax planning,
and offshore investments. The company is based in Potters Bar, United
Kingdom. In addition to its UK based operations, Canada Life provides
an extensive range of wealth management solutions into the UK through
its offshore companies, Canada Life International Limited (CLI) and CLI
Institutional Limited (CLII) both based in the Isle of Man; and Canada
Life International Assurance Limited (CLIA) and Canada Life
International Assurance (Ireland) (CLIAI), based in Dublin. CLI was
established in 1987. The Isle of Man is recognised for its stable
government, strong regulatory controls and policyholder protection
measures. Canada Life's offshore businesses receive strong ratings from
specialist and independent agencies in relation to financial strength,
unit-linked business and commitment to service.
For more information on Canada Life, please see www.canadalife.co.uk
About Great-West Lifeco
Great-West Lifeco Inc. (TSX:GWO) is an international financial services
holding company with interests in life insurance, health insurance,
retirement and investment services, asset management and reinsurance
businesses. Great-West Lifeco has operations in Canada, the United
States, Europe and Asia through Great-West Life, London Life, Canada
Life, Irish Life, Great-West Financial and Putnam Investments.
Great-West Lifeco and its companies have $1.2 trillion* in consolidated
assets under administration and are members of the Power Financial
Corporation group of companies.
* Assets as of March 31, 2015
SOURCE Great-West Lifeco Inc.
For further information:
Marlene Klassen, APR
Assistant Vice-President, Communications
Great-West Lifeco Inc.