Great-West Lifeco

Great-West Lifeco (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 The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, Great-West Life and Annuity Insurance Company and Putnam Investments, LLC. Great-West Lifeco and its companies have $546 billion in assets under administration and are members of the Power Financial Corporation group of companies.

1891: The company was incorporated on August 28, with locals such as James Ashdown on its board.

1892: The mayor of Winnipeg, Alexander Macdonald, became Great-West’s first president.

1896: Great-West gained the largest percentage of new business written, out of 21 Canadian life insurance companies, making it only $80,000 behind the industry leader in an aggregate gain of business in force. Within its first decade, it successfully entered Eastern Canada, had market exposure in every Canadian province and became one the industry's leading companies in terms of growth and size; by this year it was present throughout Canada.

1901: The first shareholder dividends were paid, and dividends have been paid every year since.

1906: The company crossed the border and established United States operations in North Dakota.

1926: Macdonald retired as president, succeeded by G.W. Allan, who had been a company director for 22 years.

1929: Because of its diversified investments and the fact that stock holdings were a very small part of the company’s portfolio, Great-West was well insulated when the market crash of 1929 occurred.

1936: By the company’s 45th anniversary, it provided coverage for nearly one million people in North America, issuing an average of 60 policies per business day.

1946: Great-West’s business-in-force reached the $1 billion mark.

1958: It started doing business in five more states and the District of Columbia. Also, Great-West began technological expansion; it purchased the first computer in western Canada.

1968: Great-West became the first Canadian company authorized to sell a variable annuity in the United States.

1969: Investors Group was acquired by Power Corporation, a Montreal-based holding company with interests in publishing, pulp and paper, and financial services. Great-West was purchased by Power Corporation, which made it a wholly-owned subsidiary.

1973: Great-West was licensed in 28 states and the District of Columbia, and opened a marketing office in Denver, Colorado.

1979: The company separated its Canadian and United States operations, except for investment and corporate operations. US and Canadian operations became separate due mostly to rapid US growth.

1982: Great West began offering a universal life policy which differed from those offered by competitors.

1983: The company expanded again into a building on Broadway and Osborne.

1984: Power Corporation formed a subsidiary to hold Great-West and its other financial-service companies. The Power Financial Corporation was created to be a holding company for Great-West and its numerous businesses.

1989: Great-West Life acquired Crown Life’s group life and health business in the United States.

2006: Other acquisitions include the takeover of US Bancorp's retirement plans business which added $104 billion in assets at the time and more retirement plans the same year but from MetLife.

2013: Irish Life, based in Dublin as a life assurance, pensions, and investments group, was acquired by Great-West Lifeco in 2013 from the Irish government.

2018: In October, Stefan Kristjanson retired and was replaced by Jeff Macoun as COO of Great-West Lifeco Inc.

2019: In January, Protective Life Insurance Co. bought part of Great-West Life & Annuity Insurance Co. for $1.2 billion. A merger of several divisions and subsidiaries to be renamed, the Canada Life amalgamation received approval from the Canadian government in November.

“To help people in Ireland to have healthier lives and to build better futures. As part of Great-West Lifeco, Irish life has access to experience and expertise on a global scale, allowing the company to continuously enhance its leading range of products and services.”

“Each day at work, we make decisions that could impact our customers, colleagues, advisors, shareholders, regulators, and even our communities.”