logo Great-West Lifeco

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

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

Great-West Lifeco Website

Latest reports
2018 Annual Report
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2nd Quarter Report 2019
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By the numbers

Subsidiaries

Transitioning to the new Canada Life

Transitioning to the new Canada Life

In Canada, Great-West Life, London Life and Canada Life are transitioning to one brand. The new Canada Life brand combines the strengths of the three companies to help Canadians reach their full potential, every day.

Great-West Life

Great-West Life

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

In Canada, Great-West Life and its subsidiaries, London Life and Canada Life, serve the financial security needs of more than 13 million people across the country.

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 offers financial solutions for any stage of life through an array of products including individual insurance, wealth management and retirement planning and savings. Through its Freedom 55 Financial™ division, London Life offers financial security guidance and planning, which focuses on meeting the complex needs of Canadians.

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

Canada Life

Canada Life

For more than 170 years, Canada Life has provided insurance and wealth management products and services 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.

Empower Retirement

Empower Retirement

Empower Retirement 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 over 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

PanAgora Asset Management is a quantitative investment manager whose proprietary approach is designed to capitalize on inefficiencies across market cycles and to deliver relative and absolute returns through distinct and innovative equity, multi-asset and risk premia strategies. PanAgora’s approach combines the firm’s fundamental investment philosophy and original research with an advanced quantitative framework. These elements come together in an open, collaborative environment that builds upon the intellectual versatility of its team and leverages their complementary strengths — essential to serving the evolving objectives of institutional investors worldwide.

PanAgora was founded in 1989 and is based in Boston, Massachusetts. Shareholders include the firm’s employees and Great-West Life, a member of the Power Financial Corporation group of companies.

Irish Life

Irish Life

Irish Life is one of Ireland’s leading financial services companies with over 1.3 million customers.

For 80 years, Irish Life has been helping people in Ireland to look after their needs for life insurance, pensions and investments and more recently, health insurance. Its vision is to help people in Ireland to have healthier lives and to build better futures.

As part of Great-West Lifeco, Irish Life has access to experience and expertise on a global scale, allowing the company to continuously enhance its leading range of products and services. This also has been independently recognized with a number of customer experience awards in recent years.


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)

June 30
2019

Mar. 31
2019

June 30
2018

Dec. 31
2018

Dec. 31
2017(1)

Selected consolidated financial information

         

Premiums and deposits:

         

Amounts reported in the financial statements

         

Net premium income (Life insurance, guaranteed annuities and insured health
products)(1)

(3,887) 9,595 7,905 35,461

33,902

Policyholder deposits (segregated funds):

         

Individual products

3,723 3,632 4,142 16,668

17,037

Group products

1,732 2,094 1,954 7,807

7,848

Premiums and deposits reported in the financial statements(1)

1,568 15,321 14,001 59,936

58,787

Self-funded premium equivalents (ASO contracts)(2)

830 811 774 3,068

2,827

Proprietary mutual funds & institutional deposits(2)

17,993 24,713 19,196 76,258

61,490

U.S. Individual Insurance & Annuity Business — initial reinsurance ceded premiums(2)

13,889 - - - -

Total premiums and deposits(1)(2)

34,280 40,845 33,971 139,262

123,104

Fee and other income(1)

2,591 1,479 1,483 5,819

5,608

Net policyholder benefits, dividends and experience refunds

8,957 8,987 7,588 31,566

30,387

Earnings

         

Net earnings — common shareholders

459 657 831 2,961

2,149

Adjustments(3) 199 - - 56

498

Adjusted net earnings — common shareholders(3) 658 657 831 3,017

2,647

Per common share

         

Basic earnings

0.489 0.665 0.839 2.996

2.173

Adjusted net earnings(3)

0.701 0.665 0.839 3.052

2.676

Dividends paid

0.413 0.413 0.389 1.556

1.468

Book value

20.84 22.07 21.22 22.08

20.11

Return on common shareholders' equity

         
Net earnings 12.0% 13.5% 12.5% 14.0%

10.9%

Adjusted net earnings(3)

13.2% 13.7% 14.2% 14.3%

13.4%

Total assets per financial statements

441,897 442,492 430,695 427,689

419,838

Proprietary mutual funds and institutional net assets(4)

305,252 304,230 294,890 281,664

278,954

Total assets under management(4)

747,149 746,722 725,585 709,353

698,792

Other assets under administration(5)

820,808 804,202 697,680 689,520

651,121

Total assets under administration

1,567,957 1,550,924 1,423,265 1,398,873

1,349,913

Total equity

24,955 27,400 26,620 27,398

25,536

(1) 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 consolidated financial statements for the period ended December 31, 2018.
(2) In addition to premiums and deposits reported in 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. In addition, Lifeco excludes ceded premiums relating to the sale, via indemnity reinsurance, of the U.S. individual life insurance and annuity business. Total premiums and deposits (a non-IFRS financial measure) provides useful information as it is an indicator of top-line growth. 
(3) Adjusted net earnings attributable to common shareholders and adjusted net earnings per common share are non-IFRS financial measures of earnings performance and reflect the following adjustments: in 2019, net charge of $199 million relating to the sale via indemnity reinsurence, of the U.S. individual life insurance and annuity business, in 2018, restructuring costs of $56 million and in 2017, restructuring costs of $160 million, net charge of $122 million on sale of equity investment and $216 million from the U.S. tax reform impact. Refer to Great-West Lifeco's most recent Management's Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.
(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 of 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)

2018

2017

2016

2015

2014

Total assets under administration

1,398,873

1,349,913 1,248,239 1,212,517

1,063,333

Premiums and deposits:

         

Amounts reported in the financial statements

         

Net premium income (Life insurance, guaranteed annuities and insured health products)(1)

35,461

33,902 31,125 24,501

21,222

Policyholder deposits (segregated funds):

         

Individual products

16,668

17,037 13,512 12,983

11,826

Group products

7,807

7,848 7,846 8,609

9,083

Premiums and deposits reported in the financial statements(1)

59,936

58,787 52,483 46,093

42,131

Self-funded premium equivalents (ASO contracts)

3,068

2,827 2,751 2,625

2,603

Proprietary mutual funds & institutional deposits

76,258

61,490 62,232 56,257

45,306

Total premiums and deposits(1)

139,262

123,104 117,466 104,975

90,040

Condensed Consolidated Statements of Earnings

         

Income

         

Total net premiums(1)

35,461

33,902 31,125 24,501

21,222

Net investment income

         

Regular net investment income

6,358

6,141 6,252 6,271

6,010

Changes in fair value through profit or loss

(3,606)

1,466 3,903 (2,010)

7,527

Total net investment income

2,752

7,607 10,155 4,261

13,537

Fee and other income(1)

5,819

5,608 5,101 5,058

4,422

Total income(1)

44,032

47,117 46,381 33,820

39,181

Benefits and expenses

         

Paid or credited to policyholders

32,068

35,643 34,675 22,842

29,160

Other(1)

8,223

8,115 8,114 7,326

6,468

Amortization of finite life intangible assets and impairment reversal

212

168 177 146

132

Restructuring expenses

67

259 63 35

32

Loss on assets held for sale

-

202 - -

-

Earnings before income taxes

3,462

2,730 3,352 3,471

3,389

Income taxes

387

422 396 460

628

Net earnings before non-controlling interests

3,075

2,308 2,956 3,011

2,761

Non-controlling interests

(19)

30 192 123

93

Net earnings — shareholders

3,094

2,278 2,764 2,888

2,668

Preferred share dividends

133

129 123 126

122

Net earnings — common shareholders

2,961

2,149 2,641 2,762

2,546

Earnings per common share

2.996

2.173 2.668 2.774

2.549

Return on common shareholders' equity

14.0%

10.9% 13.8% 14.7%

15.7%

Book value per common share

22.08

20.11 19.76 20.06

16.80

Dividends to common shareholders — per share

1.556

1.468

1.384

1.304

1.230

(1) 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 note 2 to Lifeco's December 31, 2018 annual consolidated financial statements.

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