Website: canadalife.com
Head office address (Canada): 330 University Avenue, Toronto, ON M5G 1R8
Year established: 1847
Ownership structure: subsidiary of Great-West Lifeco Inc., part of the Power Corporation of Canada group
Target market/client profile: employers, plan sponsors, brokers, associations, individuals, and families across Canada for group benefits, retirement, insurance, and wealth management
Number of professional staff: 13,000+
Office locations (Canadian cities): Toronto (head office), Winnipeg, London, Regina, and Montreal
The Canada Life Assurance Company (Canada Life) is a Toronto-based insurance and financial services subsidiary of Great-West Lifeco Inc. The company offers insurance, wealth management, and healthcare benefit products to individuals, families, and employers across Canada.
This profile focuses on the insurer’s group benefits arm, which provides workplace benefit plans for employers of all sizes.
The Canada Life Assurance Company first opened in 1847 in Hamilton as the country’s first domestic life insurer. Hugh C. Baker, a local banker, founded the firm at a time when only British and American companies sold life insurance in Canada.
The company grew fast as demand for domestic life coverage spread across the provinces. It soon set its sights well beyond its Hamilton roots.
Canada Life moved its headquarters from Hamilton to Toronto in 1900 to be closer to the country’s financial centre. Three decades later, it opened its purpose-built head office at 330 University Avenue in 1931.
That building still serves as the company’s operational headquarters and a well-known Toronto landmark. The insurer also added group benefits, retirement, and wealth management to its lineup over the following decades.
The firm came under new ownership in 2003 when Great-West Lifeco Inc., a Winnipeg-based holding company, acquired it. Great-West Life, London Life, and Canada Life then ran as three separate brands under Lifeco for more than 15 years.
All three merged in 2020 to form one company under The Canada Life Assurance Company name. The new Canada Life combined all three firms’ insurance, group benefits, and retirement operations into one brand.
The insurer expanded its group plans in 2024 with gender affirmation coverage and family-building benefits for diverse plan members. It also added Shariah-certified investment options to its group retirement lineup.
The provider has helped plan sponsors weigh the cost of flexibility in group retirement plan design. The shift gives employees both short-term access to savings and support for long-term retirement goals.
Canada Life’s group benefit plans are built for employers of various sizes with base, specialty, and international coverage options:
Canada Life also provides plan sponsors with online tools for enrolment, claims, and plan management. The insurer offers cost management support to help employers control their group benefit spending.
Fabrice Morin is the president and CEO of Canada Life’s Canadian operations. He was appointed president and COO in early 2024 before being promoted to CEO in 2026. Morin holds an MBA from Harvard Business School and a bachelor’s in industrial engineering from École Polytechnique de Montréal.
Morin leads Canada Life’s executive team, which includes:
The company’s board of directors shares all members with its parent firm, Great-West Lifeco. The board includes as of 2025:
The board oversees strategic planning, risk management, financial reporting, and executive compensation through seven committees. Canada Life also publishes its Management Proxy Circular and quarterly financial statements for public review.
Canada Life manages group benefits and retirement plans for a broad mix of employers and associations. The insurer’s plan membership includes:
The company also covers Canadian expats working abroad and international employees relocating to the country. These plan members are located in every province and territory.
The insurer publishes research on mental health, disability claims, and retirement plan trends for the benefits industry. It shares these findings with employers and advisors to support plan design decisions.
Canada Life has been recognized for its workplace practices and community contributions. The insurer has received several employer awards and maintains an active presence in the benefits and pensions space:
For more on the industry’s top professionals and companies, see our Best in Pensions and Benefits page for awards and Special Reports.
In terms of community involvement, Canada Life says it contributed $11 million to communities in 2024 and supported 500 organizations. The insurer runs Stronger Communities Together, its corporate citizenship program for health and well-being initiatives across the country.
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