LONDON LIFE BUYING A PIECE OF THE ROCK
By Adnews Staff
London Life has agreed to buy a number of Canadian properties of the Prudential Insurance Company of America for $100 million. Under the deal, London Life will acquire life, group life and health insurance operations, as well as pension, annuity and mutual funds businesses. The purchase increases London Life's market share in individual life insurance from 14% to 18%. Its employee benefits market share rises from 6% to 11% and its pension products and services market share climbs from 6% to 10%. Goodgoll Curtis of Toronto handles advertising for London Life. The agreement doesn't include Prudential's other businesses in Canada: its real estate brokerage, Prudential Real Estate Affiliates; its property and casualty subsidiary, Prudential of America General Insurance Company (Canada); and another life insurance subsidiary, Prudential of America Life Insurance Company (Canada).