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Empire Life announces new strategic collaboration to deliver segregated funds to World Financial Group’s Canadian customers

News release / Communiqué de presse
Thu, 01/21/2021 - 17:42

(Toronto, ON – January 21, 2021) – The Empire Life Insurance Company (“Empire Life”) (TSX: EML.PR.A) today announced a strategic collaboration with Canoe Financial (“Canoe”), to deliver a new segregated fund product that will be sold exclusively to World Financial Group (“WFG”) Canadian customers. Contracts for the Canoe EL Protection Portfolios will be issued by Empire Life and offered exclusively through WFG advisors, using a completely digital onboarding and application process. 

“Empire Life is very excited to announce the launch of this strategic collaboration and new segregated fund product,” says Mark Sylvia, President and CEO of Empire Life. “Our mission of making it simple, fast, and easy for Canadians to build wealth, generate income, and achieve financial security aligns well with WFG’s desire for an investment solution that provides growth and protection to their customers.” 

The Canoe EL Protection Portfolios are all-in-one solutions that combine the active management expertise of three leading investment companies: Canoe Financial, one of its sub-advisors Aegon Asset Management, and Empire Life Investments Inc. The new portfolios are strategically managed to offer diversification across investment styles, regions and asset classes providing greater potential for downside protection and capital appreciation. 

The new suite of funds includes three balanced portfolios:

Fund Name Target Allocation
Canoe EL Conservative Protection Portfolio

70% Fixed Income, 30% Equity

Canoe EL Balanced Protection Portfolio 50% Fixed Income, 50% Equity
Canoe EL Moderate Growth Protection Portfolio  30% Fixed Income, 70% Equity


Investment objectives range from capital protection to growth. The portfolios are designed to take into account an investor’s individual investment time frame, risk tolerance and investment goals. 

Rick Williams, President, WFG Canada, says “World Financial Group Insurance Agency is very excited to become the exclusive distributor of the Canoe EL Protection Portfolios. Canoe and Empire Life have done an incredible job creating investment solutions that allow for growth with protection for all Canadians.”

Darcy Hulston, President & CEO, Canoe Financial, says “We see this as a great opportunity for Canoe Financial to continue expanding our capabilities to meet the evolving needs of Canadian investors with our award-winning fund line up and investment management expertise. We are eager to collaborate with Empire Life to deliver segregated products via this innovative platform.” 

All three agree this is a positive move for customers of WFG. “In WFG and Empire Life we have two organizations that are focused on Canadian families” says Mr. Sylvia. “We share a common mission to help Canadian families get access to affordable investment solutions that will meet their investment and retirement needs today, and in the future.”

About Empire Life

Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. The company’s mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of September 30, 2020 Empire Life had total assets under management of $18.2 billion.  Follow Empire Life on Twitter @EmpireLife or visit for more information.

About Canoe Financial 

Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing over $8.7 billion (as of December 31, 2020) in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal. 

About Aegon Asset Management

Aegon Asset Management is comprised of active global investors. Our 380 investment professionals manage and advise on assets of $408 billion (as of June 30, 2020) for a global client-base of pension plans, public funds, insurance companies, banks, wealth managers, family offices and foundations. Across our fixed income, real asset, equity and multi-asset platforms, we share a common belief in fundamental, research-driven active management, underpinned by effective risk management and a commitment to responsible investment. Our investment platforms have the flexibility to organize their resources and processes to best suit their area of focus. For more information about Aegon Asset Management, visit 

About World Financial Group

World Financial Group (WFG) consists of World Financial Group Insurance Agency, LLC and its subsidiaries in the United States and, in Canada, World Financial Group Insurance Agency of Canada Inc., whose agents offer life insurance and other fixed products when properly licensed and appointed.

PROTECTION PORTFOLIO, PROTECTION PORTFOLIOS, and EL are trademarks of The Empire Life Insurance Company. EMPIRE LIFE, Insurance & Investments – Simple. Fast. Easy., and the Empire Life logo are registered trademarks of The Empire Life Insurance Company. CANOE, and Canoe Financial and Design are registered trademarks of Canoe Financial LP and used under license.  

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Contact: Sherif Farid
Investment Marketing
(289) 983-9317