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CANADA LIFE ACQUIRES ABBEY LIFE (IRELAND)

 CANADA LIFE ACQUIRES ABBEY LIFE (IRELAND)
 TORONTO, March 23 /PRNewswire/ -- Canada Life, with headquarters in


Toronto, today announced it has acquired Abbey Life (Ireland) from its U.K. parent, Lloyds Abbey Life, for US$35 million. Abbey Life (Ireland) will be renamed Canada Life Assurance (Ireland) Limited.
 The total assets of Abbey Life (Ireland) and Canada Life's own Irish operations will be US$1 billion. This makes it the third largest insurance operation in Ireland as measured by assets.
 It will have 135,000 policyholders, a sales force of 400, staff of 280, premium income of US$108 million and a new business market share of 5.3 percent.
 "Canada Life's presence in Ireland dates from 1903 with the opening of a branch in Dublin," said David Nield, president and chief executive officer of Canada Life. "Today's announcement of the acquisition of Abbey Life (Ireland) is consistent with our strategy to strengthen both the international base of our operations and to expand Canada Life's position in the Irish market."
 At its 145th annual meeting held earlier this month, Canada Life declared net income before currency adjustments of US$156 million for 1991, assets of US$14 billion and announced plans to build a new US$38 million office building addition to its Toronto headquarters.
 Standard & Poor's rates Canada Life "AAA" for its claims-paying ability. A. M. Best Company rates the company "A+." Canada Life received the highest possible ratings in each case.
 Founded in 1847, Canada Life serves individual policyholders and corporate clients throughout Canada, the United States, the United Kingdom and Ireland with a wide range of financial products and services including life, health and general insurance, annuities, investment and pensions fund management.
 -0- 3/23/92
 /CONTACT: Laura Thomson of Canada Life, 416-597-1456, ext. 5479, or fax, 416-597-6520/ CO: The Canada Life Assurance Company; Abbey Life (Ireland) ST: Ontario IN: INS SU: TNM


GK -- NY005 -- 0369 03/23/92 07:02 EST
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Date:Mar 23, 1992
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