London's life insurance industry has a rich history that dates back to the 18th century. The first life insurance policy was issued in 1762 by the Equitable Life Assurance Society, which is still in operation today.
The early life insurance policies were often taken out by wealthy individuals who wanted to provide for their families in the event of their death. These policies were typically expensive and only accessible to the wealthy.
The first mutual life insurance company, the Friendly Societies, was established in 1795. This marked a significant shift in the industry, as mutual companies were owned by their policyholders, not shareholders.
London's life insurance industry continued to grow and evolve throughout the 19th century, with the introduction of new companies and products.
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Company History
London Life Insurance has a rich and fascinating history that spans over a century. The company was founded in 1874 and was initially known as the London Life Insurance Company.
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The first general manager of the company was George Case, who held the position until May 1875 when he was replaced by William Mardon. Elizur Wright, a self-taught actuary from Boston, was hired to perform year-end reserve calculations.
London's first policy was purchased by W. F. Bullen, who later became a director of the company. In 1883, Jeffery invited John George Richter to discuss the company's affairs, and Richter was eventually hired as the new general manager.
Richter's conditions for taking the job included ceasing the company's accident insurance business, fixing its capital impairment, and obtaining a federal charter. In 1885, the company received its federal charter, and shareholders were asked to pay $9 per share to eliminate the capital impairment.
Here are some key dates in the company's history:
- 1874: London Life Insurance Company was founded.
- 1875: William Mardon replaced George Case as general manager.
- 1883: John George Richter was hired as general manager.
- 1885: The company received its federal charter.
- 1886: A conflict within the company broke out, leading to Richter's resignation.
- 1887: Jeffery was reappointed president and Richter was reappointed manager.
During World War II, London Life's Head Office staff contributed to the war effort in a creative way, forming the London Life Troupers to entertain troops in active service throughout the province. The troupe maintained a grueling schedule of 85 travelling performances across Ontario during 1940-44.
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London Life women also served widely as wartime volunteers in various organizations, while Head Office men served in the reserve army. The company committed to re-employing all returning service personnel and offering continuous service credit for enlisted employees.
The company's wartime insurance losses totalled $3,749,271, including deaths in the armed forces overseas and in the air forces in Canada, and other deaths attributable to enemy action.
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Mergers and Rebranding
In 2019, Great-West Lifeco consolidated its three brands in Canada as "Canada Life".
Canada Life is a single brand that resulted from the merger of Great-West Life, London Life, and Canada Life.
The rebrand took place in 2020, with Canada Life having 10,500 employees.
The Canada Life amalgamation received approval from the Canadian government in November 2019.
Canada Life is based in Toronto, Ontario at the historic Canada Life Building on University Avenue.
Employees of the merged companies work from five regional offices in Winnipeg, London, Toronto, Montreal, and Regina.
Paul A. Mahon is the president of Canada Life.
Canada Life is recognized as one of Canada's Top 100 Employers and Top 100 Employers for Young people.
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