Canada Life
Acquisitions
5
Major Deals Covered
$16.5B
Disclosed Deal Value
Canada Life's largest disclosed acquisition here is Canada Life Financial Corporation for $7.3 in 2003. This page covers 5 major deals from 2003 to 2022, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Prudential Financial Full-Service Retirement Business | 2022 | Undisclosed | — |
| MassMutual Retirement Plan Business | 2020 | Undisclosed | — |
| Personal Capital Corporation | 2020 | Undisclosed | — |
| Canada Life Financial Corporation | 2003 | Undisclosed | — |
| Irish Life Group | 2013 | Undisclosed | — |
2022
$3.5B
Empower acquired Prudential's full-service U.S. retirement plan recordkeeping business.
Substantially expanded revenue and operating scale across corporate and institutional retirement plans.
2020
$3.4B
Empower acquired Massachusetts Mutual Life Insurance Company's retirement plan business.
Cemented dominance in mid-sized corporate and non-profit retirement markets.
2020
$1.0B
Acquisition of leading digital wealth manager and personal financial management software platform.
Scaled into Empower Personal Wealth, cross-selling wealth solutions to millions of 401(k) participants.
2013
$1.3B
Acquired Ireland's leading life insurance, pension, and investment company from the Irish government.
Commands over 35% market share in Irish pensions, protection, and health benefits.
2003
$7.3B
Great-West Lifeco acquired Canada Life Financial in a landmark cross-border Canadian merger.
Became the unified public brand for the entire Canadian retail and commercial insurance organization in 2019.
Canada Life's forward growth strategy rests on three interconnected pillars: scale expansion through programmatic acquisitions, participant monetization through digital wealth advisory, and global reinsurance deepening. First, the group continues to consolidate fragmented wealth and retirement markets, exemplified by Empower's US retirement deals and Canada Life's C$575 million acquisition of Investment Planning Counsel (IPC). Second, the firm is aggressively executing an advisor-led and direct-to-consumer wealth strategy, converting workplace plan participants into lifetime wealth clients using digital tools like the Empower Personal Dashboard and Canada Life Workplace Solutions. Third, the Capital and Risk Solutions business is accelerating institutional longevity reinsurance treaties in the UK, Europe, and North America, leveraging Great-West Lifeco's capital depth to structure innovative pension de-risking solutions.
Canada Life operates a highly diversified composite financial services business model structured across four primary reporting segments: Canada, United States (Empower), Europe, and Capital and Risk Solutions (Reinsurance). In Canada, the company earns recurring premium revenue, administrative services only (ASO) fees, and asset management spread income by providing group life and healthcare benefits to corporate employers, as well as individual life, disability, and segregated fund wealth products. In the United States, operating as Empower, the group generates fee-based revenue from institutional retirement recordkeeping, participant administrative charges, and asset-based advisory fees on over 18 million employee participants. In Europe, Canada Life generates underwriting premiums and wealth fee margins through Irish Life pensions, UK offshore investment bonds, and German unit-linked life policies. Finally, its Capital and Risk Solutions segment generates premium and structured risk-transfer income through life, annuity, and longevity reinsurance treaties with global life insurers. In fiscal year 2024, Canada Life generated C$35.0 billion in consolidated revenue, converting C$3.75 billion into net profit, which equates to an efficient net profit margin of 10.71%.
The 2022 acquisition of Prudential Financial's full-service retirement plan business for USD $3.55 billion, adding 4 million participants.
In 2013, Great-West Lifeco acquired Irish Life Group from the Irish government for EUR 1.3 billion, creating Ireland's leading financial institution.
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