M&A Deal Summary

Canada Life Acquires Equitable Life Annuity Business

On March 10, 2015, Canada Life acquired insurance company Equitable Life Annuity Business from Equitable Life Assurance Society for 875M GBP

Acquisition Highlights
  • This is Canada Life’s 2nd transaction in the Insurance sector.
  • This is Canada Life’s largest (disclosed) transaction.
  • This is Canada Life’s 1st transaction in the United Kingdom.

M&A Deal Summary
Date 2015-03-10
Target Equitable Life Annuity Business
Sector Insurance
Buyer(s) Canada Life
Sellers(s) Equitable Life Assurance Society
Deal Type Divestiture
Deal Value 875M GBP

Target

Equitable Life Annuity Business

United Kingdom
Equitable Life Assurance Society, Annuity Business comprises annuity policies business. The business comprises approximately 31,000 policies, representing the bulk of Equitable Life's remaining annuity business.

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Buyer(S) 1

Buyer

Canada Life

Toronto, Ontario, Canada
Category Company
Founded 1847
Sector Insurance
DESCRIPTION

Canada Life is an international company providing insurance, wealth management, and healthcare benefit products and services in Canada, the United Kingdom, Isle of Man and Germany, and in Ireland through Irish Life. Canada Life also provides reinsurance products, though Canada Life Reinsurance, primarily in the U.S., Barbados, Bermuda and Ireland.

DEAL STATS #
Overall 2 of 3
Sector (Insurance) 2 of 2
Type (Divestiture) 2 of 2
Country (United Kingdom) 1 of 1
Year (2015) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-10 Legal & General International

Dublin, Ireland

Legal & General International (Ireland) Ltd. is a provider of quality investment and wealth management solutions,primarily focused on the UK high net worth market.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-13 Value Partners

Winnipeg, Manitoba, Canada

Value Partners is an investment firm dedicated to improving the lives of its clients. Since its inception, Value Partners has grown the collective wealth of their clients by more than $1.45 billion* - but more importantly, has helped Canadians achieve their financial goals and retire comfortably without the need to worry about money. Value Partners was formed in 2005 and is based in Winnipeg, Manitoba.

Buy -

Seller(S) 1

SELLER

Equitable Life Assurance Society

London, United Kingdom
Category Company
Founded 1762
Sector Insurance
Employees357
DESCRIPTION

Equitable Life operates as a mutual life assurance company in the United Kingdom. Equitable Life Assurance Society is the oldest mutual life assurance company in the UK. It has over 300,000 policyholders and manages assets of £6.3bn, from its offices in London and Aylesbury, Buckinghamshire.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
Country (United Kingdom) 1 of 1
Year (2015) 1 of 1
Size (of disclosed) 1 of 1
Mergr

Product

Company

Legal