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
2017 Annual Report
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1st Quarter Report 2018
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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)

March 31
2018

Dec. 31
2017

March 31
2017

December 31
2017

December 31
2016

Selected consolidated financial information

         

Premiums and deposits:

         

Amounts reported in the financial statements

         

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

8,174

8,494

9,354

33,902

31,125

Policyholder deposits (segregated funds):

         

Individual products

3,988

5,357

3,897

17,037

13,512

Group products

2,422

2,009

2,185

7,848

7,846

Premiums and deposits reported in the financial statements

14,584

15,860

15,436

58,787

52,483

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

748

720

716

2,827

2,751

Proprietary mutual fund & institutional deposits(1)

17,794

16,065

17,386

61,490

62,232

Total premiums and deposits(1, 2)

33,126

32,645

33,538

123,104

117,466

Fee and other income(2)

1,433

1,439

1,348

5,608

5,101

Net policyholder benefits, dividends and experience refunds

7,829

7,618

8,543

30,387

27,714

Earnings

         

Net earnings — common shareholders

731

392

591

2,149

2,641

Adjustments(3) 342 28 498 44
Adjusted net earnings — common shareholders(3) 731 734 619 2,647 2,685

Per common share

         

Basic earnings

0.740

0.397

0.598

2.173

2.668

Adjusted basic earnings (3)

0.740 0.742 0.627 2.676 2.712

Dividends paid

0.389

0.367

0.367

1.468

1.384

Book value

21.01

20.11

19.99

20.11

19.76

Return on common shareholders' equity

         
Net earnings 11.4% 10.9% 13.6% 10.9% 13.8%

Adjusted net earnings(3)

13.8%

13.4%

13.9%

13.4%

14.1%

Total assets per financial statements(4)

432,651

419,838

405,406

419,838

399,733

Proprietary mutual funds and institutional net assets(5)

285,843

278,954

270,121

278,954

259,215

Total assets under management(5)

718,494

698,792

675,527

698,792

658,948

Other assets under administration(6)

673,597

651,121

620,064

651,121

589,291

Total assets under administration

1,392,091

1,349,913

1,295,591

1,349,913

1,248,239

Total equity

26,435

25,536

25,372

25,536

25,008

(1) In addition to premiums and deposits per the 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) Comparative figures for 2017 have been reclassified to reflect presentation adjustments relating to the adoption of IFRS 15, Revenue from Contracts with Customers, as described in the ''International Financial Reporting Standards'' section and in note 2 to Lifeco's interim unaudited financial statements for the period ended March 31, 2018.
(3) Adjusted net earnings attributable to common shareholders and adjusted net earnings per common share are non-IFRS measures of earnings performance and reflect the following adjustments in the fourth quarter of 2017: restructuring costs of $4 million, a net charge of $122 million on sale of equity investment and a charge of $216 million from the U.S. the tax reform impact.
(4) Comparative figures have been adjusted as described in note 2 and note 34 to Lifeco's December 31, 2017 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)

2017

2016

2015

2014

2013

Total assets under administration(1)

1,349,913

1,248,239 1,212,517 1,063,333

758,258

Premiums and deposits:

         

Amounts reported in the financial statements

         

Net premium income (Life insurance, guaranteed annuities and insured health products)(2)

33,902

31,125 24,501 21,222

20,236

Policyholder deposits (segregated funds):

         

Individual products

17,037

13,512 12,983 11,826

8,308

Group products

7,848

7,846 8,609 9,083

7,553

Premiums and deposits reported in the financial statements(2)

58,787

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

Self-funded premium equivalents (ASO contracts)

2,827

2,751 2,625 2,603

2,567

Proprietary mutual funds & institutional deposits

61,490

62,232 56,257 45,306

38,046

Total premiums and deposits(2)

123,104

117,466 104,975 90,040

76,710

Condensed Consolidated Statements of Earnings

         

Income

         

Total net premiums(2)

33,902

31,125 24,501 21,222

20,236

Net investment income

         

Regular net investment income

6,141

6,252 6,271 6,010

5,604

Changes in fair value through profit or loss

1,466

3,903 (2,010) 7,527

(2,979)

Total net investment income

7,607

10,155 4,261 13,537

2,625

Fee and other income(2)

5,608

5,101 5,058 4,422

3,585

Total income(2)

47,117

46,381 33,820 39,181

26,446

Benefits and expenses

         

Paid or credited to policyholders

35,643

34,675 22,842 29,160

17,811

Amortization of finite life intangible assets and impairment reversal

168

177 146 132

117

Restructuring and acquisition expenses

259

63 35 32

104

Other(2)

8,317

8,114 7,326 6,468

5,633

Earnings before income taxes

2,730

3,352 3,471 3,389

2,781

Income taxes

422

396 460 628

463

Net earnings before non-controlling interests

2,308

2,956 3,011 2,761

2,318

Attributable to non-controlling interests

30

192 123 93

(90)

Net earnings — shareholders

2,278

2,764 2,888 2,668

2,408

Preferred share dividends

129

123 126 122

130

Net earnings — common shareholders

2,149

2,641 2,762 2,546

2,278

Earnings per common share

2.173

2.668 2.774 2.549

2.340

Return on common shareholders' equity

10.9%

13.8% 14.7% 15.7%

16.8%

Book value per common share(1)

20.11

19.76 20.06 16.80

15.16

Dividends to common shareholders — per share

1.468

1.384

1.304

1.230

1.230

(1) Certain comparative figures have been adjusted as described in notes 2 and 34 to Lifeco's December 31, 2017 consolidated financial statements.
(2) Comparative figures for 2017 have been reclassified to reflect presentation adjustments relating to the adoption of IFRS 15, Revenue from Contracts with Customers, as described in the ''International Financial Reporting Standards'' section and in note 2 to Lifeco's interim unaudited financial statements for the period ended March 31, 2018.

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