WINNIPEG, Manitoba,
January 3, 2018 /PRNewswire/ --
Strengthens Canada Life's
presence in the U.K. retirement income market
Great-West Lifeco Inc. (TSX: GWO) today announced that its
European subsidiary The Canada Life Group (U.K.) Limited has
completed the previously-announced acquisition of financial
services provider Retirement Advantage. Terms of the transaction
were not disclosed.
"This transaction strengthens Canada Life's scale and
capabilities in the growing United
Kingdom retirement income market, and further strengthens
Canada Life's position as a leading insurer in the U.K.," said
Paul Mahon, President and Chief
Executive Officer, Great-West Lifeco.
The transaction is expected to be earnings accretive, although
it is not expected to have a material impact on Great-West Lifeco's
financial results.
About Retirement Advantage
Retirement Advantage is a well-established business with roots
dating back to 1852. In 2015, the business rebranded and started
trading as Retirement Advantage following the merging of the
retirement income and equity release divisions (previously trading
under the MGM Advantage and Stonehaven brands respectively), to
help provide those who are in, at or approaching retirement with a
range of simple, secure and flexible products to suit their needs.
To learn more, visit http://www.retirementadvantage.com.
About Canada Life U.K.
Canada Life began operations in the United Kingdom in 1903 and looks after the
retirement, investment and protection needs of individuals and
companies. 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. To learn more,
visit http://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 and Europe through
Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam
Investments. Great-West Lifeco and its companies have approximately
C$1.3 trillion in consolidated assets
under administration as of September 30,
2017 and are members of the Power Financial Corporation
group of companies. To learn more, visit
http://www.greatwestlifeco.com.
Media Relations: Tim Oracheski,
Communications, Great-West Lifeco, tim.oracheski@gwl.ca ,
+1-204-946-8961; Investor Relations: Deirdre Neary, Investor Relations, Great-West
Lifeco, deirdre.neary@gwl.ca, +1-416-552-3208; Canada Life U.K.:
Laura O'Connell, Instinctif
Partners, Laura.OConnell@instinctif.com , +44(0)207-427-1414