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Great-West Lifeco strengthens its presence in the uk insurance market

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24 August, 2017 09:45

Photo : Freepik

The Canada Life Group (u.k.) Limited, the european subsidiary of Great-West Lifeco, has recently entered into an agreement to acquire the financial services provider Retirement Advantage, without the terms of the transaction were not disclosed.

Established in the United Kingdom, the company Retirement Advantage was established in 2015 in the wake of the merger, by funds managed by TDR Capital LLP, of the divisions of retirement income products and mortgage loans in rechargeable MGM Advantage and Stonehaven.

30 000 clients-holders of pension products

The company employs more than 30,000 clients, holders of retirement products and mortgage-rechargeable batteries, in addition to having an asset managed in excess of 2 billion pounds sterling (3,212 billion canadian dollars), including a block of annuity business in force of £ 1.5 billion sterling (2,409 G$).

«This transaction reaffirms the commitment of our organization towards the United Kingdom and further consolidates the position of Canada Life as the leading insurer in the Uk,» said Paul Mahon, president and chief executive officer of Great-West Lifeco.

There is no significant impact on the financial results

The transaction, which is expected to be completed during the fourth quarter of 2017, is subject to the usual regulatory approvals and certain closing conditions. It is expected that the transaction will contribute to earnings, but it should not have a significant impact on the financial results of Great-West Lifeco.

«This transaction increases our presence in addition to expanding our range of products, including mortgages, rechargeable,» summary for his part, Doug Brown, executive vice-president and chief executive officer, u.k. Division of Canada Life.

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