WINNIPEG, Manitoba,
August 24, 2017 /PRNewswire/ --
Strengthens Canada Life's
presence in the U.K. retirement income market
Great-West Lifeco Inc. today announced that its European
subsidiary The Canada Life Group (U.K.) Limited has reached an
agreement to acquire financial services provider Retirement
Advantage. Terms of the transaction were not disclosed.
Based in the United Kingdom,
Retirement Advantage was created in 2015 when funds managed by TDR
Capital LLP merged the retirement income and equity release
divisions of MGM Advantage and Stonehaven. The company has over 30,000
pension and equity release customers, and more than £2 billion
(C$3.212 billion) of assets under
management including a £1.5 billion (C$2.409
billion) block of in-force annuities (as of June 30, 2017).
"This transaction reaffirms our organization's commitment to the
United Kingdom and will further
strengthen Canada Life's position as a leading insurer in the
U.K.," said Paul Mahon, President
and Chief Executive Officer of Great-West Lifeco.
Doug Brown, Executive
Vice-President and Chief Executive Officer, Canada Life U.K. said
"Canada Life has operated in the U.K. since 1903 and is a highly
regarded provider of retirement income, investment and employee
protection solutions. This transaction enhances our position and
broadens our product suite to include equity release
mortgages."
Craig Fazzini-Jones, Group Chief
Executive, Retirement Advantage said "This acquisition is a
positive endorsement of the business plan we adopted following the
U.K. pension reforms announced in 2014 that transformed our
business and drove the creation of innovative retirement solutions.
As we join Canada Life, we will be well positioned to build upon
that success and provide greater retirement protection for our
customers."
The transaction is expected to close in the fourth quarter of
2017 and is subject to customary regulatory approvals, and certain
closing conditions. 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 is part of a group of companies owned by Great-West
Lifeco Inc., a diversified financial services holding company
headquartered in Winnipeg, Canada.
Great-West Lifeco and its insurance subsidiaries have received
strong ratings from major rating agencies.
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, Europe and Asia through Great-West Life, London Life,
Canada Life, Irish Life, Great-West
Financial and Putnam Investments. Great-West Lifeco and its
companies have over C$1.3 trillion in
consolidated assets under administration as of June 30, 2017 and are members of the Power
Financial Corporation group of companies. To learn more, visit
http://www.greatwestlifeco.com
Media Relations: Marlene Klassen,
APR, Communications, Great-West Lifeco, marlene.klassen@gwl.ca,
+1-204-946-7705; Investor Relations: Deirdre Neary, Investor Relations, Great-West
Lifeco, Deirdre.neary@gwl.ca, 416-552-3208; Canada Life U.K.:
Laura O'Connell, Instinctif
Partners, Laura.OConnell@instinctif.com, +44(0)207-427-1414
