logo Great-West Lifeco

Great-West Lifeco 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
2015 Annual Report
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3rd Quarter Report 2016
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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 12 million people.

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

London Life

London Life

London Life Insurance Company, founded in 1874, offers financial security advice and planning through its more than 3,700-member 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 London Reinsurance Group Inc.

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.

Canada Life is a leading provider of traditional mortality, structured and longevity reinsurance solutions for life insurers in the United States and in Europe.

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 nearly 80 years of investment experience. The firm offers a full range of investment capabilities for financial advisors, institutional investors and retirement plan sponsors: U.S. and global fixed income and equities, global asset allocation, and alternatives, including absolute return, risk allocation, low-volatility equity 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
2016

June 30
2016

Sept. 30
2015

December 31
2015

December 31
2014

Selected consolidated financial information

         

Premiums and deposits:

         

Amounts reported in the financial statements

         

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

8,334

6,871

5,891

24,501

21,222

Policyholder deposits (segregated funds):

         

Individual products

3,211

3,213

3,157

12,983

11,826

Group products

1,875

1,858

2,738

8,609

9,083

Premiums and deposits reported in the financial statements

13,420

11,942

11,786

46,093

42,131

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

655

707

639

2,625

2,603

Proprietary mutual fund & institutional deposits(1)

15,187

15,522

16,807

56,257

45,306

Total premiums and deposits(1)

29,262

28,171

29,232

104,975

90,040

Fee and other income

1,271

1,231

1,241

5,058

4,422

Paid or credited to policyholders(2)

10,589

10,035

5,833

22,842

29,160

Earnings

         

Operating earnings — common shareholders(3)

674

671

720

2,762

2,546

Net earnings — common shareholders

674

671

720

2,762

2,546

Per common share

         

Operating earnings(3)

0.682

0.675

0.724

2.774

2.549

Basic earnings

0.682

0.675

0.724

2.774

2.549

Dividends paid

0.3460

0.3460

0.3260

1.304

1.230

Book value

19.18

19.02

19.38

20.06

16.80

Return on common shareholders' equity

         

Operating earnings(3)

13.8%

14.0%

15.2%

14.7%

15.7%

Net earnings

13.8%

14.0%

15.2%

14.7%

15.7%

Total assets per financial statements

401,489

390,251

389,935

399,935

356,709

Proprietary mutual funds and institutional net assets(4)

256,544

243,688

239,050

252,480

216,271

Total assets under management(4)

658,033

633,939

628,985

652,415

572,980

Other assets under administration(5)

570,475

549,878

524,813

560,102

490,353

Total assets under administration

1,228,508

1,183,817

1,153,798

1,212,517

1,063,333

Total equity

24,256

24,201

24,534

25,260

21,897

(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) Paid or credited to policyholders includes the impact of changes in fair values of assets supporting insurance contract liabilities.
(3) Operating earnings are a non-IFRS financial measure.
(4) 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 over the investment policies.
(5) 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)

2015

2014

2013

2012

2011

Total assets under administration

1,212,517

1,063,333

758,258

545,903

501,965

Premiums and deposits:

         

Life insurance, guaranteed annuities and insured health products, net

24,501

21,222

20,236

19,257

17,293

Self-funded premium equivalents (Administrative services only contracts)

2,625

2,603

2,567

2,666

2,645

Segregated funds deposits:

         

Individual products

12,983

11,826

8,308

6,557

7,345

Group products

8,609

9,083

7,553

7,262

6,117

Proprietary mutual funds and institutional deposits

56,257

45,306

38,046

24,496

28,888

Total premiums and deposits

104,975

90,040

76,710

60,238

62,288

Condensed Statements of Earnings

         

Income

         

Total net premiums

24,501

21,222

20,236

19,257

17,293

Net investment income

         

Regular net investment income

6,271

6,010

5,604

5,642

5,538

Changes in fair value through profit or loss

(2,010)

7,527

(2,979)

2,668

4,164

Total net investment income

4,261

13,537

2,625

8,310

9,702

Fee and other income

5,058

4,422

3,585

3,030

2,903

Total income

33,820

39,181

26,446

30,597

29,898

Benefits and expenses

         

Paid or credited to policyholders

22,842

29,160

17,811

22,875

23,043

Other

7,326

6,468

5,633

5,057

4,051

Amortization of finite life intangible assets

146

132

117

103

100

Restructuring and acquisition expenses

35

32

104

Earnings before income taxes

3,471

3,389

2,781

2,562

2,704

Income taxes

460

628

463

364

465

Net earnings before non-controlling interests

3,011

2,761

2,318

2,198

2,239

Non-controlling interests

123

93

(90)

277

121

Net earnings — shareholders

2,888

2,668

2,408

1,921

2,118

Preferred share dividends

126

122

130

115

96

Net earnings — common shareholders

2,762

2,546

2,278

1,806

2,022

Earnings per common share

2.774

2.549

2.340

1.902

2.129

Return on common shareholders' equity

14.7%

15.7%

16.8%

15.3%

17.6%

Book value per common share

20.07

16.80

15.16

12.64

12.61

Dividends to common shareholders — per share

1.304

1.230

1,230

1.230

1.230

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