Canada Life Announces It Will Not Enter Indian Insurance Market.Business Editors TORONTO--(BUSINESS WIRE)--Dec. 8, 2000 Canada Life Financial Canada Life Financial Corporation TSX: CL is a Canadian company that offers life, health, and disability insurance for groups and individuals. Founded in 1847, it was acquired by The Great-West Life Assurance Company in 2003, after rejecting a hostile takeover bid by Corporation announced today that The Canada Life Assurance Company (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CL.) (NYSE NYSE See: New York Stock Exchange :CLU) has decided not to proceed with plans to apply for a joint venture insurance licence in India. The decision is based on an overall continual assessment of Canada Life's current operations and changes in its business makeup over the past several years. "Our 1996 strategic review called for us to be operational in at least two new businesses and territories by 2000. Over the past four years, Canada Life has met this objective. We now have an operational joint venture in Brazil, a new venture in Germany, and a Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. business," said David A. Nield, Chairman, President and Chief Executive Officer. "Significant effort has been put into exploring opportunities in India. We still believe in the long term benefits of operating in India and in the growth potential there for insurance protection and wealth management, which are our core businesses. At the same time, we believe our shareholders are best served by concentrating all our resources on our current operations, including our new ventures," said Nield. Canada Life Financial Corporation, established in 1999, is the holding company for The Canada Life Assurance Company of Canada and is traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "CL" and on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CLU". The Canada Life Assurance Company, founded in 1847, is Canada's first life insurance company, with assets under administration in excess of $58 billion. Headquartered in Toronto, Canada, the company operates across Canada, the United States, the United Kingdom, Ireland, Brazil through its subsidiary Canada Life Pactual, and Germany, with recent acquisitions in Hong Kong and the Caribbean. |
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