Canada Life

Investment oversight ultimately rolls up to Paul Mahon as President and CEO of parent company Great-West Lifeco. Day-to-day investment management for Canada Life's general account falls under the leadership of the firm's investment division, with significant portfolio construction and asset allocation decisions made at the Great-West Lifeco group level. Jeff Macoun, as President and COO of Canada Life, oversees the firm's Canadian operations, including its real estate portfolio, which is managed directly rather than through external managers.

Canada Life acquires and develops assets directly using its balance sheet, a model that mirrors Canada's large pension funds more than it does third-party fund managers. The firm targets primarily Canadian commercial and residential real estate, with properties spanning Toronto, Montreal, Vancouver, and Ottawa. Because it invests permanent insurance capital without fund-life constraints, Canada Life can hold properties for decades and prioritize long-term income over short-term market cycles.

Canada Life is a wholly owned subsidiary of Great-West Lifeco, which is controlled by Power Corporation of Canada, a Montreal-based holding company with roots in the Desmarais family. This positions Canada Life within a broader financial ecosystem that includes IGM Financial (Investors Group, Mackenzie Investments) and, until its 2023 sale, Putnam Investments. The structure allows Canada Life to participate in internal capital reallocation, such as the acquisition of IPC from IGM, and gives it privileged co-investment and distribution relationships across the group.

Canada Life's private-market activity centers on real estate, infrastructure, and private credit — not traditional venture capital or buyout funds. The firm typically avoids minority-stake tech investing and operates more like a direct owner of hard assets. Its real estate holdings include office towers, residential buildings, and mixed-use developments, all held on its own balance sheet rather than through commingled funds.

Canada Life is both. It is a regulated Canadian life insurer that manufactures and distributes insurance and wealth products, but its general account — the pool of assets backing its policyholder liabilities — is one of the country's largest pools of institutional capital. On that basis, it functions as a buy-side asset owner that directly manages substantial real estate and fixed-income portfolios, making it a frequent counterparty to Canadian and global institutional investors.

While IGM Financial serves as the primary wealth management and mutual fund arm within the Power Corporation group, Canada Life maintains its own distribution network of advisors selling insurance and wealth products. The two entities occasionally transact — Canada Life's acquisition of IPC from IGM being a notable example — but they operate with distinct brands and advisor forces. The group's structure gives Canada Life access to mass-affluent wealth flows without directly competing with IGM's core asset management business.

Yes, Canada Life operates a corporate giving program that directs philanthropic capital into Canadian community organizations. The program is separate from the firm's insurance investment operations and does not function as a private foundation or donor-advised fund vehicle. Its giving focuses on health, community development, and social services in the markets where Canada Life operates.