Canada Life
| Canada Life Assurance Europe plc | |
|---|---|
| legal form | Public Limited Company (plc) |
| founding | 2000 |
| Seat | Dublin , Ireland |
| Branch | Insurance |
| Website | www.canadalife.de |
Canada Life (full name Canada Life Assurance Europe plc ) is the European subsidiary of The Canada Life Assurance Company , founded in Ontario in 1847 by Hugh C. Baker , the first Canadian life insurance company . Canada Life offers retirement provision and risk coverage in the broker market in Germany. The choice of annuity tariffs ranges from unit-linked tariffs without a guarantee and fund-based tariffs with a guarantee (unitised-with-profits principle) to guaranteed annuities that start immediately (variable annuities). All three layers of old-age provision are taken into account.
In the area of risk provision, Canada Life offers a work disability insurance and two basic capacity insurances as solutions for worker protection , as well as serious illness insurance (" dread disease insurance ") and two term life insurance as additional risk insurance .
history
In 1843, the Canadian Hugh C. Baker was looking for cover for his family. Suffering from asthma, he had to undergo a medical examination - and travel over 500 miles to New York on horseback, by stagecoach, and by steamboat . There he took out $ 1,000 life insurance. Baker then returned determined to found Canada's first insurance company. This is how the Canada Life Assurance Company was founded in Hamilton, Ontario in 1847.
The company has been active in many countries for a long time. In addition to its headquarters in Toronto , Canada Life has several subsidiaries and has been represented in the USA since 1889 . In 1903 the first European subsidiaries were founded in Ireland and Great Britain .
In 1999, the Canada Life transformed into a joint stock company and launched in July 2000 through its Irish subsidiary, Canada Life Assurance Europe Limited, in Germany . With the acquisition of the German life insurance business of Prudential plc, Canada Life Europe strengthened its position in the market in 2003. Prudential plc, known under the name “Sali”, had been active in Germany since 1996. On November 11, 2016, the legal form of Canada Life Assurance Europe was changed from a Limited to a plc (Public Limited Company). The Canada Life Group has been part of the financial services holding company Great-West Lifeco Inc. since 2003 , which together with its subsidiaries in Canada serves more than 31 million customers and manages assets totaling around 897 billion euros (as of December 31, 2018). Great-West Lifeco is one of Canada's largest insurance groups.
Locations
Canada Life Assurance Europe plc is headquartered in Dublin, Ireland. Canada Life has been represented in Germany with its head office in Cologne and an office in Neu-Isenburg since 2000 .
The subsidiary operating in Germany, Canada Life Assurance Europe plc, branch for Germany, is subject to Irish supervision and is also supervised by Canadian supervision as part of the group of companies. Furthermore, the German branch is subject to legal supervision by the Federal Financial Supervisory Authority . Since the company is not headquartered in Germany, membership in the German protection fund Protektor is not possible. However, there are efforts at EU level to create security funds across Europe. Canada Life Assurance Europe plc supports this. There is no letter of comfort from the parent company to the subsidiary. The customer funds are protected as security assets like special assets under German law. The investment pools assigned to the insurance contracts are managed separately from the company capital and are therefore fully available for payment to customers. Since the rules in this regard are prescribed by a European directive, the Irish rules correspond to the German rules for bankruptcy.
An overview in numbers:
- 1847: Canada Life Assurance Company founded in Hamilton, Ontario
- 1889: Establishment of agencies in the United States
- 1903: Foundation of the first European subsidiaries in Ireland and Great Britain
- 1999: Canada Life is converted into a public company
- 2000: Establishment of the branch for Germany in Cologne
- 2003: Acquisition of the German life insurance business of Prudential Assurance plc., Known as SALI
- 2003: Canada Life Group incorporated into the financial services holding company Great-West Lifeco Inc.
- 2016: Change of the business form to a plc
- 2017: More than 500 employees and 430,000 customers in Germany
- 2019: More than 600 employees and 490,000 customers in Germany
Product categories
Canada Life offers the following product lines on the German market:
- Basic old-age provision
- company pension scheme
- private retirement provision
- Guaranteed annuity starting immediately ( variable annuities )
- Dread Disease Insurance
- Basic skills insurance
- Occupational disability insurance
- Term life insurance
The products are sold exclusively through independent insurance brokers.
Individual evidence
- ↑ https://www.canadalife.de/das-unternehmen
- ↑ Canada Life Assurance Europe Limited branch for Germany in the company database of BaFin ; Canada Life Assurance Europe Limited in the company database of BaFin
- ^ Members of the security fund. Protector, accessed December 11, 2015 .
- ↑ White Paper for Security Systems. (PDF; 94 kB) July 12, 2010, accessed May 8, 2013 .
- ↑ Fred Wagner: Security Assets. In: Gabler Wirtschaftslexikon . May 8, 2013, accessed December 11, 2015 (definition).
- ↑ Canada Life Company Figures. Retrieved May 3, 2017 .
- ↑ Canada Life Company Figures. Accessed July 31, 2019 .