WINNIPEG, MB, Sept. 8,
2023 /CNW/ - The Canada Life Assurance Company
(Canada Life), a subsidiary of Great-West Lifeco Inc. (Lifeco), has
completed the previously announced acquisition of Value Partners
Group Inc. (Value Partners). Value Partners includes Value Partners
Investment Counsel, Value Partners Investments and LP Financial
Planning Services Ltd.
"The acquisition of Value Partners accelerates our efforts to
build Canada's leading wealth
management platform for independent advisors and their clients,"
said Jeff Macoun, President and Chief Operating Officer, Canada
Life. "Value Partners is an excellent complement to our existing
business, adding capabilities that strengthen our offering."
For additional details on this transaction, please refer to the
news release dated June 13, 2023.
About Great-West Lifeco
Inc.
Great-West Lifeco is an international financial services holding
company with interests in life insurance, health insurance,
retirement and investment services, asset management and
reinsurance businesses. We operate in Canada, the United
States and Europe under the
brands Canada Life, Empower, Putnam Investments, and Irish Life. At the end of 2022, our
companies had approximately 31,000 employees, 234,500 advisor
relationships, and thousands of distribution partners – all serving
our more than 38 million client relationships across these regions.
Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under
the ticker symbol GWO and is a member of the Power Corporation of
Canada group of companies. Learn
more by visiting greatwestlifeco.com.
About The Canada Life Assurance
Company
The Canada Life Assurance Company is an international company
providing insurance, wealth management, and healthcare benefit
products and services in Canada,
the United Kingdom, Isle of Man and Germany, and in Ireland through Irish
Life. Canada Life also provides reinsurance products, though
Canada Life Reinsurance, primarily in the U.S., Barbados, Bermuda and Ireland.
We are an industry leader providing Canadians options for
personal insurance solutions, including life, health and dental,
disability, critical illness, and creditor insurance. As a leading
provider of group workplace benefit plans, we help employers and
associations provide valuable benefits to their employees and
members. In addition, Canada Life offers investment, retirement and
wealth management solutions including annuities and segregated
funds.
For 175 years, individuals, families and business owners across
Canada have trusted us to provide
sound guidance and deliver on the promises we've made. We proudly
serve more than 12 million customer relationships from coast to
coast to coast.
Canada Life is a subsidiary of Great-West Lifeco Inc. and a
member of the Power Corporation of Canada group of companies.
Cautionary note regarding
Forward-Looking Information
This release may contain forward-looking information.
Forward-looking information includes statements that are predictive
in nature, depend upon or refer to future events or conditions, or
include words such as "will", "may", "expects", "anticipates",
"intends", "plans", "believes", "estimates", "objective", "target",
"potential", "pro forma" and other similar expressions or negative
versions thereof. These statements include, without limitation,
statements about: the cost and expected benefits and performance
(including impact on clients, advisors, strategy execution, client
solutions, assets under administration (AUA) and assets under
management (AUM), synergies, and integration, as well as the timing
thereof in each case) of the acquisition of Value Partners and
sources, amounts and timing of funding therefor, and otherwise
concerning Great-West Lifeco ("Lifeco", or the "Company") and the
operations, business, financial condition, expected financial
performance, ongoing business strategies or prospects and possible
future actions of the Company, Canada Life and Value Partners.
Company's current expectations concerning the impact of the
Value Partners acquisition and such statements may not be suitable
for other purposes. They are not guarantees of future performance,
and the reader is cautioned that actual events and results could
differ materially from those expressed or implied by
forward-looking statements. Many of these assumptions are based on
factors and events that are not within the control of the Company
and there is no assurance that they will prove to be correct.
Whether or not actual results differ from forward-looking
information may depend on numerous factors, developments and
assumptions, including, without limitation, the severity, magnitude
and impact of the COVID-19 pandemic (including the effects of the
COVID-19 pandemic and the effects of governments' and other
businesses' responses to the COVID-19 pandemic on the economy and
the Company's financial results, financial condition and
operations), the duration of COVID-19 impacts and the availability
and adoption of vaccines, the effectiveness of vaccines, the
emergence of COVID-19 variants, geopolitical tensions and related
economic impacts, achievement or waiver of conditions to closing of
the acquisition of Value Partners, assumptions around sales, fee
rates, asset breakdowns, redemptions and market returns as well as
the ability to integrate the Value Partners acquisition, leverage
and achieve anticipated synergies, and client and advisor
behaviour, Lifeco's, Canada Life's and Value Partners'
reputation, market prices for products provided, sales levels, fee
income, expense levels, taxes, inflation, interest, global equity
and capital markets (including continued access to equity and debt
markets), industry sector financial conditions (including
developments and volatility arising from the COVID-19 pandemic),
business competition, impairments of goodwill and other intangible
assets, the Company's ability to execute strategic plans and
changes to strategic plans, technological changes, breaches or
failure of information systems and security (including cyber
attacks), changes in local and international laws and regulations,
changes in accounting policies and the effect of applying future
accounting policy changes, changes in actuarial standards,
unexpected judicial or regulatory proceedings, catastrophic events,
continuity and availability of personnel and third party service
providers, the Company's ability to complete strategic transactions
and integrate acquisitions, unplanned material changes to the
Company's facilities, customer and employee relations or credit
arrangements, levels of administrative and operational
efficiencies, changes in trade organizations, and other general
economic, political and market factors in Canada and internationally.
The reader is cautioned that the foregoing list of assumptions
and factors is not exhaustive, and there may be other factors
listed in filings with securities regulators, including factors set
out in the Company's Management's Discussion and Analysis for the
year ended December 31, 2022 ("2022
Annual MD&A") under "Risk Management and Control Practices" and
"Summary of Critical Accounting Estimates" and in the Company's
annual information form dated February 8,
2023 under "Risk Factors", which, along with other filings,
are available for review at www.sedarplus.ca. The reader is also
cautioned to consider these and other factors, uncertainties and
potential events carefully and not to place undue reliance on
forward-looking information. Other than as specifically required by
applicable law, the Company does not intend to update any
forward-looking information whether as a result of new information,
future events or otherwise.
SOURCE The Canada Life Assurance Company