Canada Life, a major Canadian insurance and financial services company, is owned as a wholly owned subsidiary of Great-West Lifeco. Great-West Lifeco is indirectly controlled by Montreal billionaire Paul Desmarais Jr. through his stake in the Power Corporation of Canada, which owns approximately 72% of Great-West Lifeco. Canada Life originated from the amalgamation of The Great- West Life Assurance Company, London Life Insurance Company, and The Canada Life Assurance Company, which officially began operating as The Canada Life Assurance Company on January 1, 2020. Great-West Lifeco operates Canada Life along with other subsidiaries in North America and Europe, making Canada Life one of Canada's largest life insurance providers.