Great-West Life Assurance
Encyclopedia
The Great-West Life Assurance Company (known more commonly Great-West Life, and its official French name is La Great-West, compagnie d'assurance-vie) is a life insurance company. Its headquarters is located in Winnipeg, Manitoba
, Canada
and its President and CEO is Allen Loney.
It is owned by Great-West Lifeco
, which also owns London Life Insurance Company
, Canada Life Financial
, Great-West Life & Annuity Insurance Co and Putnam Investments
.
Great-West Life is currently a subsidiary of Great-West Lifeco, which is itself a joint-stock corporation traded on the Toronto Stock Exchange
. The majority owner of Great-West Lifeco is the Power Corporation of Canada
which administers Great-West through the Power Financial Corporation.
Great-West Life sold its health insurance USA division to Cigna
for $1.5 billion US in a deal announced Nov. 26, 2007 Reuters story.
Manitoba
Manitoba is a Canadian prairie province with an area of . The province has over 110,000 lakes and has a largely continental climate because of its flat topography. Agriculture, mostly concentrated in the fertile southern and western parts of the province, is vital to the province's economy; other...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
and its President and CEO is Allen Loney.
It is owned by Great-West Lifeco
Great-West Lifeco
Great-West Lifeco is an insurance centered financial holding company that operates in North America , Europe and Asia through 5 wholly owned, regionally focussed subsidiaries...
, which also owns London Life Insurance Company
London Life Insurance Company
London Life Insurance Company is a Canadian life insurance company best known for its "Freedom 55" slogan, evocative of saving money to an extent that would allow one to retire at age 55...
, Canada Life Financial
Canada Life Financial
Canada Life Financial Corporation is a Canadian company that offers life, health, and disability insurance for groups and individuals.Founded in 1847, it was acquired by The Great-West Life Assurance Company in 2003, after rejecting a hostile takeover bid by rival Manulife.Hugh Cossart Baker, Sr...
, Great-West Life & Annuity Insurance Co and Putnam Investments
Putnam Investments
Putnam Investments is a privately owned investment management firm founded in 1937 by George Putnam, who established one of the first balanced mutual funds, The George Putnam Fund of Boston...
.
History and Ownership
Great-West Life was founded in 1891 in Winnipeg.Great-West Life is currently a subsidiary of Great-West Lifeco, which is itself a joint-stock corporation traded on the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
. The majority owner of Great-West Lifeco is the Power Corporation of Canada
Power Corporation of Canada
Power Corporation of Canada is a Canadian company with assets in North America and Europe in a number of industries. These industries include media, pulp and paper, and financial services....
which administers Great-West through the Power Financial Corporation.
Great-West Life sold its health insurance USA division to Cigna
CIGNA
Cigna , headquartered in Bloomfield, Connecticut, is a global health services company, owing to its expanding international footprint and the fact that it provides administrative services only to approximately 80 percent of its clients...
for $1.5 billion US in a deal announced Nov. 26, 2007 Reuters story.