Canada Life is the leader in the Canadian group annuity market. We serve employers of all sizes by offering group pension and savings plans for employees. It is important to us that these plans succeed. This means more Canadians are on track to reach their retirement goals.
there is power in numbers
Employers and employees need plan providers with the financial strength and experience to provide excellent and reliable group pension services. Canada Life has both:
Over $66.8 billion in assets under management
Manage over 24,800 collective retirement and savings plans
Over 1.5 million plan members
12 offices across Canada
Our ratings
Canada Life has received strong ratings from major rating agencies.
| Rating agency | Measurement | Canada Life |
|---|---|---|
| A. M. Best Company | Financial strength | A+ |
| Fitch Ratings | Insurer financial strength | AA |
| Moody’s Investors Service | Insurer financial strength | Aa3 |
| Standard & Poor’s Rating Services | Insurer financial strength | AA |
Financial strength and stability
Canada Life is a subsidiary of Great-West Lifeco Inc.
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 Canada Life, Irish Life, Great-West Financial and Putnam Investments.
Great-West Lifeco and its subsidiaries have over $2.0 trillion in consolidated assets under administration and are members of the Power Financial Corporation group of companies.
- How we demonstrate our integrityBecause we value your business and the trust you place in us, we maintain strict, principled business practices. These five key components ensure we’re accountable for the service we provide to you:Daily fund valuationWe value our funds daily, and have business processes in place to discourage members of group retirement and savings plans from participating in detrimental activities like frequent trading.Annual auditsFour groups regularly audit and review our processes and controls.
- Deloitte & Touche LLP audits our business practices and company financial statements annually.
- The corporate internal audit department conducts ongoing reviews and testing of key business and financial controls.
- The Canada Life Group Retirement Services audit team conducts transactional and full-case audits on customer service specialists. The team also audits new plan issues and amendments to existing cases to ensure proper system setup and contractual documentation.
- The Office of the Superintendent of Financial Institutions (OSFI) conducts regular reviews to fulfill its mandate of regulating insurance companies.Regular reviews of our administrative practicesAdministrative managers take steps to ensure:
- We meet or exceed our high service standards.
- Our accounting and investing procedures are accurate and effective.
- We process all transactions consistently and accurately, using our comprehensive process guide.Keeping clients and members informedOur clients and members have timely and convenient access to information about their plans and investments. Some of the ways we provide that:
- Printed reports
- Regular statement mailings
- Newsletters
- Legislative updates
- GRS Access website
- Client service centreCustomized staff trainingEach customer service and issue specialist follows a customized training program. Regular performance monitoring takes place with their leaders and trainers.
- AssurisThe Canada Life Assurance Company are members of Assuris. Assuris is a not-for-profit corporation, funded by the life insurance industry, that protects Canadian policyholders against loss of benefits due to the financial failure of a member company. Details about the extent of Assuris’ protection are available at www.assuris.ca or in its brochure, which can be obtained from info@assuris.ca or by calling 1-866-878-1225.