Skip to main content

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

Your web browser is out-of-date. For the best experience, please update to a modern browser like Chrome, Edge, Safari or Mozilla Firefox.

Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

In accordance with standard 15 of the Financial Stability Board’s (FSB) Principles for Compensation Practices and their Implementation Standards, and the Basel Committee on Banking Supervision’s Pillar 3 disclosure requirements for remuneration, the tables below summarize aggregate quantitative information on compensation paid or awarded to 18 Senior Officers (which includes fees paid to members of the Board of Directors) and 36 other employees who could have a material impact on Canada Life’s risk exposure (“Material Risk Takers.”)

Compensation amounts reflect services rendered to The Canada Life Assurance Company and its respective subsidiaries.
2023 Compensation awards
 ($ millions)

Senior Officers
(Unrestricted)

Senior Officers
(Deferred)

Material Risk Takers
(Unrestricted)

Material Risk Takers
(Deferred)

Salary
(Fixed compensation)

 18.8 15.6

Other
(Fixed compensation)

 0.5 1.9
Cash-based
(Variable compensation) 		11.2 11.1 2.0
Share units
(Variable compensation) 		16.3 10.2
Stock options 1
(Variable compensation) 		8.1 2.4

1 Option based awards are calculated based on Black-Scholes value at the time of grant.
Deferred compensation
($ millions)

Senior Officers
(Unvested)

Senior Officers
(Vested)

Material Risk Takers
(Unvested)

Material Risk Takers
(Vested)
Cash-based 1 2.0
Share units 2 58.5 30.4 38.2 1.0
Stock options 2 45.7 36.9 12.2 9.1
Calendar year payouts 3 20.9 15.9

1 Includes cash-based awards granted in respect of 2023 that have been deferred to meet compensation policy requirements. Excludes annual bonuses deferred, at the discretion of the employee, in the form of share units.

2Includes outstanding unvested and vested share units and stock options as at December 31, 2023; excludes annual bonuses deferred, at the discretion of the employee, in the form of share units.

3Excludes payout of cash-based awards that were previously deferred to meet compensation policy requirements.