Great-West Lifeco Inc. has signed a deal to sell its U.S. annuity and individual life insurance businesses to a subsidiary of Protective Life Corp. for $1.6 billion. Paul Mahon, president and chief executive officer at Great-West Life, says the deal will let the company focus on retirement and asset management markets in the U.S. Protective Life […]
A Cape Breton call centre that abruptly shut down last month, tossing hundreds of people out of work, has hired back more than 90 per cent of its workforce, offering enhanced benefits and increasing entry-level wages. The Sydney Call Centre Inc.’s owner Anthony Marlowe said about 480 workers have returned to the operation after being […]
The pension and retirement savings was once again the growth leader in the life and health insurance industry in 2017, according to the Canadian Life and Health Insurance Association’s annual fact book. Of the $651 billion held in employer-sponsored pension plans last year, the industry was responsible for managing $152 billion, which is up from […]
Rural and suburban postal workers across the country celebrated Thursday after an arbitrator ordered Canada Post to pay them more — much more — as part of a long-awaited pay equity decision. For a majority of the Crown agency’s mostly-female rural and suburban carriers, known as RSMCs, the ruling translates into a 25-per-cent pay hike, plus some increased […]
Unifor members who work at the Toronto Marriott Bloor Yorkville have voted overwhelmingly to ratify a new collective agreement, which includes expanded benefits for dependants of part-time employees. The benefits will now include dental coverage, eye exams, prescription drugs and life insurance. The new agreement also includes an increase in pension contributions by 27 per cent over […]
Almost a third (32 per cent) of Canadian millennials cited the lack of a pension plan as one of the concerns of working in the gig economy, according to a new survey by TD Insurance. The survey, which queried more than 6,000 Canadians over the age of 18, also found millennials are concerned about the gig economy’s […]
Sun Life Financial Inc. has received top marks from Forrester Research Inc. for the digital functionality of its life insurance business. The research and advisory firm evaluated the websites of seven of Canada’s life insurance companies. Sun Life received top scores in both digital functionality and user experience. It also achieved an overall score of 75 out of 100, compared […]
The Co-operators Group Ltd. is acquiring full ownership of the Cumis Group Ltd. from its co-owner Central 1 Credit Union. Since 2009, Central 1 has shared ownership of the Cumis Group with the Co-operators. The move makes both the Cumis General Insurance Co. and the Cumis Life Insurance Co. fully owned subsidiaries of the Co-operators. Read: Desjardins, Cumis […]
Saskatchewan’s announcement that it’s reinstating its provincial sales tax exemption for life and health insurance premiums is welcome news for plan sponsors in the province. Debra Wiegers, a benefits consultant and head of the group benefits division at Saskatoon-based Wiegers Financial & Benefits, says calculations conducted by some of her employer clients show savings of between […]
Manulife Financial Corp. is partnering with Vitech Systems Group Inc. as a software provider and system integrator for its Canadian group benefits business. Vitech’s insurance administration product, V3, supports group health, dental and life insurance from quote through to claim. “Vitech and V3 will support our focus on providing customers and distribution partners with a […]