Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Great-West Lifeco Inc.
  6. News
  7. Summary
    GWO   CA39138C1068

GREAT-WEST LIFECO INC.

(GWO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Canada's Collage gets seed funding via large insurer

02/22/2017 | 11:58am EDT

TORONTO (Reuters) - One of Canada's largest insurers, Power Financial Corp (>> Power Financial Corp), is investing in a Toronto-based startup with global ambitions to automate key segments of the insurance industry. Collage, Canada's first cloud-based human resource and benefits platform, said on Wednesday that it received C$5 million ($3.8 million) in seed financing from venture capital firm Diagram.

TORONTO (Reuters) - One of Canada's largest insurers, Power Financial Corp (>> Power Financial Corp), is investing in a Toronto-based startup with global ambitions to automate key segments of the insurance industry. Collage, Canada's first cloud-based human resource and benefits platform, said on Wednesday that it received C$5 million ($3.8 million) in seed financing from venture capital firm Diagram.

Diagram is financed primarily by Portag3 Ventures, whose exclusive backers are Power Financial Corp and some of its subsidiaries, including insurer Great-West Life (>> Great-West Lifeco Inc).

Collage is part of the emerging "insurtech" space within the financial technology, or fintech, industry.

The company offers its software free and earns money through commissions from insurance companies as a registered insurance broker. It aims to simplify and modernize the "pen and paper" human resources industry, making the process and benefits accessible, particularly to small businesses.

The multibillion-dollar market is under-served and growing, Diagram Chief Executive Officer Francois Lafortune said in an interview.

"It's big enough in Canada to make it a substantial business," he said, "but the real prize here is to go broader."

Formed last year, Collage is using Canada as a "proving ground" to work directly with insurance companies to find new ways to approach HR and benefits management, said CEO and co-founder Elijah Moore.

"Instead of saying, 'Hey, you guys are old and stodgy, and you move slow,' we're actually trying be cooperative," Moore said.

Collage plans to introduce insurance products not yet available in Canada or the United States, and is eyeing growth beyond Canada as early as this year.

One of its U.S. counterparts, Zenefits, was once a high-flying startup that raised $500 million in financing in 2015. The company laid off 45 percent of its staff almost two weeks ago and has faced insurance violations and fines.

Moore and Lafortune say Collage is different, noting one of the co-founders is a licensed expert and instructor in the field.

Diagram, publicly launched last month with the support of dozens of entrepreneurs and senior executives, will work closely with Collage to help it expand, using the fund's own expertise in insurance. Moore said Power Financial and Great-West Life were unique among large financial institutions "in the way they're actively trying to disrupt themselves." Insurance companies have traditionally lagged in venture investing, he added.

($1 = 1.3137 Canadian dollars)

(Reporting by Solarina Ho; Editing by Lisa Von Ahn)

By Solarina Ho

Stocks treated in this article : Great-West Lifeco Inc, Power Financial Corp

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
FIRST FINANCIAL CORPORATION -0.54% 42.11 Delayed Quote.8.39%
GREAT-WEST LIFECO INC. -0.30% 36.88 Delayed Quote.21.52%
POWER FINANCIAL CORPORATION 0.00%End-of-day quote.3.92%
SPACE CO.,LTD. -0.89% 893 End-of-day quote.13.18%
All news about GREAT-WEST LIFECO INC.
06/23AIB  : agrees to life and pensions joint-venture with Canada Life
RE
06/23AIB Group to Form Joint Venture With Canada Life Irish Holding Company
DJ
06/09Credit Suisse Keeps Neutral Rating, $37 TP on Great West Lifeco
MT
06/08GREAT WEST LIFECO  : Announces Medium Term Financial Objectives of Base EPS Grow..
MT
06/08GREAT-WEST LIFECO BRIEF : Announces Medium Term Financial Objectives of Base EPS..
MT
06/08GREAT WEST LIFECO  : Empower Retirement Investor Day showcases strategies for gr..
AQ
06/08Great-West Lifeco Sets New Medium-Term Performance Targets
DJ
06/01GREAT-WEST LIFECO INC. : Ex-dividend day for
FA
05/21GREAT WEST LIFECO  : Cautions Investors Over Obatan's UK Mini-Tender Offer
MT
05/21GREAT WEST LIFECO  : Cautions Investors regarding Obatan LLC's UK Mini-Tender Of..
PR
More news
Financials
Sales 2021 66 951 M 54 378 M 54 378 M
Net income 2021 2 983 M 2 423 M 2 423 M
Net Debt 2021 - - -
P/E ratio 2021 11,7x
Yield 2021 4,75%
Capitalization 34 251 M 27 863 M 27 819 M
Capi. / Sales 2021 0,51x
Capi. / Sales 2022 0,49x
Nbr of Employees 24 500
Free-Float 26,1%
Chart GREAT-WEST LIFECO INC.
Duration : Period :
Great-West Lifeco Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GREAT-WEST LIFECO INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Last Close Price 36,88 CAD
Average target price 37,70 CAD
Spread / Average Target 2,22%
EPS Revisions
Managers and Directors
NameTitle
Paul Anthony Mahon Co-President, Chief Executive Officer & Director
Jeffrey F. Macoun Co-President & Chief Operating Officer
Garry MacNicholas Chief Financial Officer & Executive Vice President
Robert Jeffrey Orr Chairman
Philip Armstrong Global Chief Information Officer & Executive VP
Sector and Competitors
1st jan.Capitalization (M$)
GREAT-WEST LIFECO INC.21.52%27 863
AXA9.78%61 060
PRUDENTIAL PLC5.98%51 877
METLIFE, INC.26.20%51 868
PRUDENTIAL FINANCIAL, INC.29.41%39 806
MANULIFE FINANCIAL CORPORATION6.40%37 618