logo Great-West Lifeco

Great-West Lifeco Inc. is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.

The company has operations in Canada, the United States, Europe and Asia through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments.

Great-West Lifeco Website

Latest reports
2016 Annual Report
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3rd Quarter Report 2017
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Subsidiaries

Great-West Life

Great-West Life

The Great-West Life Assurance Company, founded in 1891, is a leading Canadian insurer, with interests in life insurance, health insurance, investment, savings and retirement income and reinsurance, primarily in Canada and Europe.

In Canada, Great-West Life and its subsidiaries, London Life and Canada Life, offer a broad portfolio of financial and benefit plan solutions and serve the financial security needs of more than 13 million people.

In Europe, Great-West Life has operations in the United Kingdom, Isle of Man and Germany through Canada Life and in Ireland through Irish Life.

London Life

London Life

London Life Insurance Company, founded in 1874, offers financial security advice and planning through its Freedom 55 Financial™ division.

Freedom 55 Financial offers London Life’s own brand of investments, savings and retirement income, annuities, life insurance and mortgage products, and a broad range of financial products from other financial institutions.

London Life participates in international reinsurance markets through its branch in Barbados and its London Reinsurance Group subsidiary.

Canada Life

Canada Life

The Canada Life Assurance Company, founded in 1847, provides insurance and wealth management products and services through Canada Life in Canada, the United Kingdom, Isle of Man and Germany and through Irish Life in Ireland.

As a leading provider of traditional mortality, structured and longevity reinsurance solutions for life insurers in the United States and in Europe, Canada Life operates through branches and subsidiaries in the U.S., Barbados and Ireland.

Great-West Financial

Great-West Financial

Great-West Life & Annuity Insurance Company, founded in 1907, operates in the United States using the marketing name Great-West Financial®.

Under the Great-West Financial brand, the firm provides life insurance, annuities and executive benefits products. Its Great-West Investments unit offers fund management, investment and advisory services.

The company's Empower Retirement division is the second-largest U.S. retirement services provider by participants. It serves all segments of the employer-sponsored retirement plan market – small, mid-size and large corporate clients, government plans, non-profit entities and private-label recordkeeping clients – and offers individual retirement accounts.

Putnam Investments

Putnam Investments

Putnam Investments is a U.S.-based global asset manager with 80 years of investment experience. The firm offers a full range of investment capabilities for financial advisors, institutional investors and retirement plan sponsors: equities, fixed income, global asset allocation, and alternatives, including absolute return, risk parity and hedge funds. Headquartered in Boston, Putnam has offices in London, Frankfurt, Tokyo, Singapore and Sydney.

PanAgora Asset Management

PanAgora Asset Management

Founded in 1989, PanAgora Asset Management is a premier provider of institutional investment solutions, including alternatives, risk premia and active strategies, spanning all major asset classes and risk ranges.

The company is committed to providing its clients with transparency, reliable investment process, consistent performance, and access to its investment resources. Research plays a central role in PanAgora’s investment philosophy and process, a fact that is underscored by the blend of academic, industry and investment backgrounds of its investment professionals.

PanAgora’s client base is comprised of institutional clients across the globe, such as sovereign wealth & pension funds, sub-advisory, public & private retirement funds, and endowments & foundations.

Irish Life

Irish Life

Irish Life Group, founded in 1939, is Ireland’s leading life assurance, pensions and investment management company.

Irish Life provides life assurance, pension and investment products to individuals and small business owners, distributed through independent brokers, bank branches and direct, as well as group risk and group defined contribution pension solutions for employers and affinity groups, through pension advisory consultants and independent brokers.

Its fund management business, Irish Life Investment Managers (ILIM), is the country’s largest manager of life assurance and pension assets.


Financial Highlights

 

For the three months ended

For the years ended

(In millions of canadian dollars, except per share amounts or as otherwise noted)
(unaudited)

Sept. 30
2017

June 30
2017

Sept. 30
2016

December 31
2016

December 31
2015

Selected consolidated financial information

         

Premiums and deposits:

         

Amounts reported in the financial statements

         

Net premium income (Life insurance, guaranteed annuities and insured health products)

8,304

7,772

8,334

31,125

24,501

Policyholder deposits (segregated funds):

         

Individual products

3,641

4,142

3,211

13,512

12,983

Group products

1,634

2,020

1,875

7,846

8,609

Premiums and deposits reported in the financial statements

13,579

13,934

13,420

52,483

46,093

Self-funded premium equivalents (ASO contracts)(1)

671

720

655

2,751

2,625

Proprietary mutual fund & institutional deposits(1)

14,272

13,767

15,187

62,232

56,257

Total premiums and deposits(1)

28,522

28,421

29,262

117,466

104,975

Fee and other income

1,365

1,381

1,271

5,101

5,058

Net policyholder benefits, dividends and experience refunds

6,849

7,377

7,311

27,714

22,030

Earnings

         

Net earnings — common shareholders

581

585

674

2,641

2,762

Adjusted net earnings, excluding restructuring costs — common shareholders(2, 3) 582 712 689 2,685 2,762

Per common share

         

Basic earnings

0.587

0.591

0.682

2.668

2.774

Adjusted basic earnings(2, 3)

0.589 0.719 0.697 2.713 2.774

Dividends paid

0.3670

0.3670

0.3460

1.384

1.304

Book value(4)

19.92

19.95

19.18

19.76

20.06

Return on common shareholders' equity

         
Net earnings 12.4% 13.0% 13.8% 13.8% 14.7%

Adjusted net earnings(2, 3)

13.3%

14.0%

13.9%

14.1%

14.7%

Total assets per financial statements

407,011

409,773

401,489

399,912

399,935

Proprietary mutual funds and institutional net assets(5)

268,994

271,686

256,544

259,215

252,480

Total assets under management(5)

676,005

681,459

658,033

659,127

652,415

Other assets under administration(6)

618,532

627,633

570,475

589,291

560,102

Total assets under administration

1,294,537

1,309,092

1,228,508

1,248,418

1,212,517

Total equity

25,386

25,428

24,256

25,008

25,260

(1) In addition to premiums and deposits per Lifeco's financial statements, Lifeco includes premium equivalents on self-funded group insurance administrative services only (ASO) contracts and deposits on proprietary mutual funds and institutional accounts to calculate total premiums and deposits (a non-IFRS financial measure). This measure provides useful information as it is an indicator of top line growth.
(2) Adjusted net earning are a non-IFRS financial measure.
(3) Comparative figures have been adjusted to reflect restructuring charges which have been excluded from adjusted net earnings in 2016.
(4) Comparative figures have been adjusted as described in note 33 to Lifeco's December 31, 2016 consolidated financial statements.
(5) Total assets under management (a non-IFRS financial measure) provides an indicator of the size and volume of the overall business of Lifeco. Services provided in respect of assets under management include the selection of investments, the provision of investment advice and discretionary portfolio management on behalf of clients. This includes internally and externally managed funds where Lifeco has oversight of the investment policies.
(6) Other assets under administration (a non-IFRS financial measure) include assets where Lifeco only provides administration services for which Lifeco earns fee and other income. These assets are beneficially owned by clients and Lifeco does not direct the investing activities. Services provided relating to assets under administration include recordkeeping, safekeeping, collecting investment income, settling of transactions or other administrative services. Administrative services are an important aspect of Lifeco's overall business and should be considered when comparing volumes, size and trends.

 

As at and for the years ended December 31 [in millions of Canadian dollars, except as otherwise noted]
(unaudited)

2016

2015

2014

2013

2012

Total assets under administration

1,248,418

1,212,517

1,063,333

758,258

545,903

Premiums and deposits:

         

Amounts reported in the financial statements

         

Net premium income (Life insurance, guaranteed annuities and insured health products)

31,125

24,501

21,222

20,236

19,257

Policyholder deposits (segregated funds):

         

Individual products

13,512

12,983

11,826

8,308

6,557

Group products

7,846

8,609

9,083

7,553

7,262

Premiums and deposits reported in the financial statements

52,483 46,093 42,131 36,097 33,076

Self-funded premium equivalents (ASO contracts)

2,751

2,625

2,603

2,567

2,666

Proprietary mutual funds & institutional deposits

62,232

56,257

45,306

38,046

24,496

Total premiums and deposits

117,466

104,975

90,040

76,710

60,238

Condensed Consolidated Statements of Earnings

         

Income

         

Total net premiums

31,125

24,501

21,222

20,236

19,257

Net investment income

         

Regular net investment income

6,252

6,271

6,010

5,604

5,642

Changes in fair value through profit or loss

3,903

(2,010)

7,527

(2,979)

2,668

Total net investment income

10,155

4,261

13,537

2,625

8,310

Fee and other income

5,101

5,058

4,422

3,585

3,030

Total income

46,381

33,820

39,181

26,446

30,597

Benefits and expenses

         

Paid or credited to policyholders

34,675

22,842

29,160

17,811

22,875

Amortization of finite life intangible assets

177

146

132

117

103

Restructuring and acquisition expenses

63

35

32

104

Other

8,114

7,326

6,468

5,633

5,057

Earnings before income taxes

3,352

3,471

3,389

2,781

2,562

Income taxes

396

460

628

463

364

Net earnings before non-controlling interests

2,956

3,011

2,761

2,318

2,198

Attributable to non-controlling interests

192

123

93

(90)

277

Net earnings — shareholders

2,764

2,888

2,668

2,408

1,921

Preferred share dividends

123

126

122

130

115

Net earnings — common shareholders

2,641

2,762

2,546

2,278

1,806

Earnings per common share

2,668

2.774

2.549

2.340

1.902

Return on common shareholders' equity

13.8%

14.7%

15.7%

16.8%

15.3%

Book value per common share(1)

19.76

20.06

16.80

15.16

12.64

Dividends to common shareholders — per share

1.384

1.304

1.230

1.230

1.230

(1) Certain comparative figures have been adjusted as described in note 33 to Lifeco's December 31, 2016 consolidated financial statements.

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