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Great-West Lifeco history
Great-West Lifeco company history timeline
The company was incorporated on August 28, 1891, with locals such as James Ashdown on its board.
The mayor of Winnipeg, Alexander Mac-donald, became Great-West’s first president in 1892.
In 1896 Great-West gained the largest percentage of new business written, out of 21 Canadian life insurance companies, to make it only $80,000 behind the industry leader in 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 1896 it was present throughout Canada.
The first shareholder dividends were paid in 1901, and dividends have been paid every year since.
In 1906 the company crossed the border and established United States operations in North Dakota.
In 1926 Macdonald retired as president, succeeded by G.W. Allan, who had been company director for 22 years.
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.
By the company’s 45th anniversary in 1936, it provided coverage for nearly one million people in North America, issuing an average of 60 policies per business day.
In 1946 Great-West’s business-in-force reached the $1 billion mark.
In 1958 it started doing business in five more states and the District of Columbia.
Also in 1958 Great-West began technological expansion; it purchased the first computer in western Canada.
In 1968 Great-West became the first Canadian company authorized to sell a variable annuity in the United States.
Investors Group was acquired by Power Corporation, a Montreal-based holding company with interests in publishing, pulp and paper, and financial services, in 1969.
In 1969, Great-West was purchased by Power Corporation, which made it into a wholly owned subsidiary.
By 1973 Great-West was licensed in 28 states and the District of Columbia, and opened a marketing office in Denver, Colorado, in 1973.
The company separated its Canadian and United States operations, except for investment and corporate operations, in 1979.
In 1979, US and Canadian operations became separate due mostly to rapid US growth.
In 1982, Great-West began offering a universal life policy which differed from those offered by competitors.
In 1983, the company expanded again into a building on Broadway and Osborne.
In 1984 Power Corporation formed a subsidiary to hold Great-West and its other financial-service companies.
Two years later, in 1984, the Power Financial Corporation was created to be a holding company for Great-West and its numerous businesses.
In 1989 Great-West Life acquired Crown Life’s group life and health business in the United States.
Other acquisitions include the 2006 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.
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.
In October 2018, Stefan Kristjanson retired and was replaced by Jeff Macoun as COO of Great-West Lifeco Inc.
In January 2019, 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 2019.
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