Canada Life policyholders will shortly be asked to approve the conversion of the group into a publicly-quoted company.

If approved, its 50,000 Irish policyholders should be issued with free shares by the end of the year. These shares are expected to be worth around £2,000 (€2,539) per qualifying policy, although the exact value will be determined later this year.

Investors with policies in force from April 2nd, 1998, will be eligible to receive free shares. The individual allocation will depend on the amount of premiums paid and the number of years the policy has been in force with Canada Life, according to the insurer. It plans to list its shares on the Toronto and Montreal stock exchanges towards the end of 1999 or early 2000.