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Great-West Lifeco world headquarters is pictured in Winnipeg, February 19, 2013. JOHN WOODS/The Canadian Press Great-West Lifeco Inc.’s head of Europe David Harney will be taking over the reins as chief executive officer as Paul Mahon announces his retirement after leading the insurer for 12 years.
On Thursday, Great-West Life Assurance Co., who is also the parent company to Canada Life Assurance Co., announced Mr.
Mahon will retire as president and CEO of both Canada Life and Great-West Life Assurance Co. effective July 1 but will remain with the company as a senior adviser until early 2026 to support in the transition. Mr.
Harney, who is currently president and CEO of Europe and capital and risk solutions, has been with Canada Life for more than 35 years. In 2016, he was appointed CEO of Irish Life, a position he held for four years until being appointed as head of Europe. In 2024, his responsibilities expanded to include oversight of Canada Life’s reinsurance business.
“David brings a depth of experience, and a proven ability to execute to his new role. He has consistently built strong teams that drive performance,” Canada Life’s board of director chair, Jeffrey Orr said in a statement. Paul Mahon poses in Toronto on May 7, 2015.
Mr. Mahon is retiring and will be replaced by David Harney as CEO of insurer Canada Life. Darren Calabrese/The Globe and Mail Both Mr.
Mahon and Mr. Harney have worked closely over the last 12 years as the company went through a major re-organization, including the amalgamation of three prominent brands into Canada Life. The merger of three well-known Canadian subsidiaries under one roof saw the retirement of the Great-West Life Assurance Co.
and London Life Insurance Co – two brands that had been in the market for more than 170 years. “I’m personally energized by the opportunity to work with our colleagues, customers and partners as we build on the company’s solid foundation and tremendous momentum,” Mr. Harney said in a statement.
In recent years, Mr. Mahon has been focused on boosting the insurer’s U.S expansion, particularly in the retirement-planning sector with the launch and build-out of its subsidiary Empower.
In June, 2020, Empower purchased digital wealth manager Personal Capital for US$825-million. Three months later, Mr. Mahon bought the retirement business of Massachusetts Mutual Life Insurance Co.
, adding US$167-billion in assets and approximately 2.5 million clients to its roster. More to come.
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