Canada Life shares began trading officially on the Toronto Stock Exchange yesterday after the company completed its conversion from mutual to publicly quoted company.

The shares, which began trading conditionally on the so-called "grey market" last week at a price of 17.50 Canadian dollar (€11.51), were around Can$19 (€12.50) by the close of business in Dublin.

Some 54,000 Irish policyholders qualified for free shares as part of the flotation. Based on yesterday's price of Can$19, the minimum holding of 155 shares was worth Can$2,945 or around £1,520 (€1,930) using yesterday's Canadian dollar exchange rate against the pound.

However, most shareholders will not be able to sell their shares until they receive their share certificates.

The company said cheques would be mailed next week to those policyholders who elected to sell their shares or who required to receive cash.