Great-West Lifeco reports fourth quarter 2012 results

Readers are referred to the cautionary notes regarding Forward-Looking Information and Non-IFRS Financial Measures at the end of this release.  All figures are expressed in Canadian dollars, except as noted.

TSX:GWO

WINNIPEG, Feb. 7, 2013 /CNW/ - Great-West Lifeco Inc. (Lifeco) has reported operating earnings attributable to common shareholders of $493 million for the three months ended December 31, 2012, compared to $500 million in the fourth quarter of 2011.  Operating earnings per common share for the current quarter were $0.520 ($0.518 diluted) compared to $0.528 ($0.523 diluted) for the same period in 2011.

For the twelve months ended December 31, 2012, operating earnings attributable to common shareholders were $1,955 million compared to $1,898 million a year ago.  Operating earnings per common share for the twelve months 2012 were $2.059 ($2.046 diluted) compared to $2.000 ($1.984 diluted) for the same period in 2011.

Operating earnings, a non-IFRS measure, exclude the impact of litigation provision adjustments of $140 million after-tax or $0.147 per common share in the fourth quarter of 2012 as well as the net impact of litigation provisions which increased net earnings in the fourth quarter of 2011 by $124 million after-tax or $0.129 per common share.

Net earnings attributable to common shareholders were $353 million or $0.373 per common share ($0.372 diluted) for the fourth quarter of 2012, compared to $624 million or $0.657 per common share ($0.651 diluted) a year ago.  For the twelve months ended December 31, 2012, net earnings attributable to common shareholders were $1,815 million or $1.912 per common share ($1.900 diluted), compared to $2,022 million or $2.129 per common share ($2.112 diluted) a year ago. Net earnings include the impacts of the litigation provisions described above.

Highlights

  • Consolidated assets under administration at December 31, 2012 grew to nearly $546 billion, up $44 billion from December 31, 2011.
  • Total Company in quarter premiums and deposits grew by 17% as compared to fourth quarter 2011, reflecting strong sales performance and continued strong persistency.
  • Total Company sales grew by 12% from fourth quarter 2011, notably the following:
    • In quarter sales in Canada for Individual Insurance were up 18% and Wealth Management sales were up 18% compared to the fourth quarter of 2011.
    • In quarter sales in United States Great-West Financial Individual Markets were up 23% compared to the fourth quarter of 2011. Sales in  Individual Retirement Accounts were up 91% compared to the fourth quarter of 2011, and were up 50% for the full year of 2012 compared to 2011.
    • In quarter sales in U.K. Payout Annuity were up 187% compared to the fourth quarter of 2011, and were up 55% for the full year of 2012 compared to 2011.
    • Putnam's sales increased by US$1.4 billion to US$6.8 billion in the fourth quarter of 2012 compared to US$5.4 billion in the fourth quarter of 2011 reflecting strong institutional sales.
  • Return on common shareholders' equity was 15.9% based on operating earnings and 14.7% based on net earnings.
  • The Company's capital position remained very strong. The Great-West Life Assurance Company, reported a Minimum Continuing Capital and Surplus Requirement (MCCSR) ratio of 207% at December 31, 2012.
  • The Company declared a quarterly common dividend of $0.3075 per common share payable March 28, 2013.

OPERATING RESULTS

Consolidated net earnings for Lifeco comprise the net earnings of The Great-West Life Assurance Company (Great-West Life), Canada Life Financial Corporation (CLFC), London Life Insurance Company (London Life), Great-West Life & Annuity Insurance Company (Great-West Financial), and Putnam Investments, LLC (Putnam), together with Lifeco's corporate results.

CANADA

Net earnings attributable to common shareholders for the fourth quarter of 2012 were $263 million compared to $244 million in the fourth quarter of 2011.  For the twelve months ended December 31, 2012, net earnings attributable to common shareholders were $1,040 million compared to $986 million for the same period in 2011.

Total premiums and deposits for the twelve months ended December 31, 2012 were $20.8 billion, compared to $19.4 billion in 2011. Total sales for the twelve months were $9.3 billion compared to $8.9 billion for 2011.

Total assets under administration at December 31, 2012 were $138 billion, compared to $129 billion at December 31, 2011.

UNITED STATES

Net earnings attributable to common shareholders for the fourth quarter of 2012 were $77 million compared to $79 million in the fourth quarter of 2011. Great-West Financial reported earnings of $96 million in the fourth quarter of 2012 compared to $87 million a year ago.  Putnam reported a net loss of $19 million in the fourth quarter of 2012 compared to a net loss of $8 million a year ago.

For the twelve months ended December 31, 2012, net earnings attributable to common shareholders were $325 million compared to $370 million for the same period in 2011. Great-West Financial reported earnings of $365 million for the full year 2012 compared to $355 million a year ago.  Putnam reported a net loss of $40 million for the full year 2012 compared to net earnings of $15 million a year ago.

Great-West Financial sales in the fourth quarter of 2012 were US$2.9 billion compared to US$3.4 billion in 2011.  The fourth quarter of 2011 reflected two large plan sales for the public/non-profit market which did not repeat in the fourth quarter of 2012.  Sales for the twelve months ended December 31, 2012 were US$9.7 billion compared to US$8.7 billion in 2011.

Putnam assets under management at December 31, 2012 were US$128 billion, up over 9% as compared to US$117 billion a year ago. Net asset outflows in fourth quarter of 2012 were US$151 million compared to net outflows of US$1.8 billion for the same period in 2011. Net asset outflows for the twelve months ended December 31, 2012 were US$1.8 billion compared to net inflows of US$183 million a year ago.

Total assets under administration at December 31, 2012 were $333 billion compared to $303 billion at December 31, 2011.

EUROPE

Net earnings attributable to common shareholders for the fourth quarter of 2012 were $152 million compared to $181 million in the fourth quarter of 2011. While in quarter net earnings reflect strong UK payout annuity new business margins, favourable investment performance and an additional contribution from the third quarter's large reinsurance transaction, contributions from actuarial liability basis changes were significantly lower than the fourth quarter of 2011.  For the twelve months ended December 31, 2012, net earnings attributable to common shareholders were $618 million compared to $562 million for the same period in 2011. The 2011 results included catastrophe provisions of $84 million relating to the earthquake events in Japan and New Zealand.

Total sales for the twelve months ended December 31, 2012 were $3.7 billion compared to $4.1 billion in 2011.

Total assets under administration at December 31, 2012 increased to $75 billion from $70 billion at December 31, 2011.

CORPORATE

For the three months ended December 31, 2012, Lifeco Corporate had a net loss of $139 million compared to net earnings of $120 million in the fourth quarter of 2011.  Included in Lifeco Corporate net earnings were litigation provisions of $140 million in 2012 and net litigation provision releases of $124 million in 2011. Fourth quarter 2012 results include a decrease in reserves for uncertain tax positions  which positively impacted net earnings by $20 million, partly offset by the impact of mark-to-market losses related to a macro balance sheet credit hedge of $8 million.

For the twelve months ended December 31, 2012, Lifeco Corporate had a net loss of $168 million compared to net earnings of $104 million for the same period in 2011 largely due to the change in litigation provisions noted above.

QUARTERLY DIVIDENDS

At its meeting today, the Board of Directors approved a quarterly dividend of $0.3075 per share on the common shares of the Company payable March 28, 2013 to shareholders of record at the close of business February 28, 2013.

For purposes of the Income Tax Act (Canada), and any similar provincial legislation, the dividends referred to above are eligible dividends.

In addition, the Directors approved quarterly dividends on:

  • Series F First Preferred Shares of $0.36875 per share;
  • Series G First Preferred Shares of $0.3250 per share;
  • Series H First Preferred Shares of $0.30313 per share;
  • Series I First Preferred Shares of $0.28125 per share;
  • Series J First Preferred Shares of $0.3750 per share;
  • Series L First Preferred Shares of $0.353125 per share;
  • Series M First Preferred Shares of $0.36250 per share;
  • Series N First Preferred Shares of $0.228125 per share;
  • Series P First Preferred Shares of $0.33750 per share;
  • Series Q First Preferred Shares of $0.321875 per share; and
  • Series R First Preferred Shares of $0.3000 per share

all payable March 28, 2013 to shareholders of record at the close of business February 28, 2013.

GREAT-WEST LIFECO

Great-West Lifeco Inc. (TSX:GWO) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.  Great-West Lifeco has operations in Canada, the United States, Europe and Asia through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, Great-West Life & Annuity Insurance Company and Putnam Investments, LLC.  Great-West Lifeco and its companies have $546 billion in assets under administration and are members of the Power Financial Corporation group of companies.

Cautionary note regarding Forward-Looking Information
This release contains some forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition.  Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" and similar expressions or negative versions thereof.  In addition, any statement that may be made concerning future financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future action by the Company including statements made by the Company with respect to the expected benefits of acquisitions or divestitures are also forward-looking statements.  Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance and mutual fund industries.  They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company due to, but not limited to, important factors such as sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy lapse rates and taxes, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, changes in accounting policies and the effect of applying future accounting policy changes required under IFRS, unexpected judicial or regulatory proceedings, catastrophic events, and the Company's ability to complete strategic transactions and integrate acquisitions.  The reader is cautioned that the foregoing list of important factors is not exhaustive, and there may be other factors, including factors set out under "Risk Management and Control Practices" in the Company's Annual Management's Discussion and Analysis and any listed in other filings with securities regulators, which are available for review at www.sedar.com.  The reader is also cautioned to consider these and other factors carefully and to not place undue reliance on forward-looking statements.  Other than as specifically required by applicable law, the Company has no intention to update any forward-looking statements whether as a result of new information, future events or otherwise.

Cautionary note regarding Non-IFRS Financial Measures
This release contains some non-IFRS financial measures.  Terms by which non-IFRS financial measures are identified include but are not limited to "operating earnings", "constant currency basis", "premiums and deposits", "sales", and other similar expressions.  Non-IFRS financial measures are used to provide management and investors with additional measures of performance.  However, non-IFRS financial measures do not have standard meanings prescribed by IFRS and are not directly comparable to similar measures used by other companies.  Please refer to the appropriate reconciliations of these non-IFRS financial measures to measures prescribed by IFRS.

Further information
Selected financial information is attached.

Great-West Lifeco's fourth quarter conference call and audio webcast will be held Thursday, February 7, 2013 at 3:30 pm (ET).  The call and webcast can be accessed through www.greatwestlifeco.com or by phone at:

  • Participants in the Toronto area:  416-340-8527
  • Participants from North America: 1-877-240-9772
  • Participants from Overseas:  Dial international access code first, then 800-2787-2090

A replay of the call will be available from February 7 to 14, 2013, and can be accessed by calling 1-800-408-3053 or 905-694-9451 in Toronto (passcode: 8898149#). The archived webcast will be available on www.greatwestlifeco.com from February 8, 2013 until February 7, 2014.

Additional information relating to Lifeco, including the 2012 audited consolidated financial statements, Management's Discussion and Analysis (MD&A), Annual Information Form (AIF), and CEO/CFO certification will be filed on SEDAR at www.sedar.com.


FINANCIAL HIGHLIGHTS (unaudited)
(in Canadian $ millions except per share amounts)

        As at or for the three months ended     For the twelve months ended
        December 31     September 30     December 31     December 31     December 31
        2012     2012     2011     2012     2011
Premiums and deposits:                                
Life insurance, guaranteed annuities
      and insured health products
    $ 4,827    $ 4,940    $ 4,334    $ 18,820    $ 17,293 
Self-funded premium equivalents
 (Administrative services only contracts)
            677            631            651            2,666            2,645 
Segregated funds deposits:                                
      Individual products             2,072            1,490            1,829            6,557            7,345 
      Group products             2,216            1,681            1,777            7,262            6,117 
Proprietary mutual funds and institutional deposits             6,880            6,779            5,624            24,496            28,888 
Total premiums and deposits             16,672            15,521            14,215            59,801            62,288 
                                 
Fee and other income             767            720            740            2,945            2,903 
Paid or credited to policyholders             5,122            6,607            6,340            22,451            23,043 
Operating earnings -
    common shareholders
            493            520            500            1,955            1,898 
Net earnings - common shareholders             353            520            624            1,815            2,022 
Per common share                                
      Operating earnings     $ 0.520    $ 0.547    $ 0.528    $ 2.059    $ 2.000 
      Basic earnings             0.373            0.547            0.657            1.912            2.129 
      Dividends paid             0.3075            0.3075            0.3075            1.2300            1.2300 
      Book value             13.18            13.01            12.61             
Return on common shareholders' equity (trailing four quarters*):  
      Operating earnings             15.9%            16.1%      16.6%             
      Net earnings             14.7%            17.1%      17.6%             
      Total assets     $ 253,718    $ 249,043    $ 238,768             
      Proprietary mutual funds and institutional net assets             134,598            131,604            125,390             
      Total assets under management             388,316            380,647            364,158             
      Other assets under administration             157,455            151,604            137,807             
      Total assets under administration     $ 545,771    $ 532,251    $ 501,965             
Total equity      $ 17,586    $ 17,004    $ 16,104             
                                 

The Company uses operating earnings, a non-International Financial Reporting Standards financial measure, which excludes the impact of certain litigation provisions described in note 30 the Company's December 31, 2012 consolidated financial statements.

*Return on common shareholders' equity is the trailing four quarter calculation of net earnings divided by common shareholders' equity.

CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(in Canadian $ millions except per share amounts)

          For the three months
ended December 31
    For the years
ended December 31
          2012     2011     2012     2011
Income                            
      Premium income                            
            Gross premiums written       $ 5,763    $ 5,033    $ 21,839    $ 20,013 
            Ceded premiums               (936)            (699)            (3,019)            (2,720) 
      Total net premiums               4,827            4,334            18,820            17,293 
      Net investment income                            
            Regular net investment income               1,361            1,365            5,653            5,538 
            Changes in fair value through profit or loss               182            1,564            2,643            4,164 
      Total net investment income               1,543            2,929            8,296            9,702 
      Fee and other income               767            740            2,945            2,903 
                7,137            8,003            30,061            29,898 
Benefits and expenses                            
      Policyholder benefits                            
           Insurance and investment contracts                                  
                Gross               4,377            4,174            17,431            16,591 
                Ceded               (399)            (284)            (1,457)            (1,217) 
      Total net policyholder benefits               3,978            3,890            15,974            15,374 
      Policyholder dividends and experience refunds               292            309            1,437            1,424 
      Change in insurance and investment contract liabilities         852      2,141      5,040      6,245 
      Total paid or credited to policyholders               5,122            6,340            22,451            23,043 
                             
      Commissions               515            409            1,781            1,548 
      Operating and administrative expenses               642            142            2,572            1,950 
      Premium taxes               75            76            293            264 
      Financing charges               71            73            285            289 
      Amortization of finite life intangible assets               24            28            103            100 
Earnings before income taxes               688            935            2,576            2,704 
Income taxes               98            181            368            465 
Net earnings before non-controlling interests               590            754            2,208            2,239 
Attributable to non-controlling interests               205            106            278            121 
Net earnings               385            648            1,930            2,118 
Preferred share dividends               32            24            115            96 
Net earnings - common shareholders       $ 353    $ 624    $ 1,815    $ 2,022 
                             
Earnings per common share                            
     Basic       $ 0.373    $ 0.657    $ 1.912    $ 2.129 
     Diluted       $ 0.372    $ 0.651    $ 1.900    $ 2.112 
                             

CONSOLIDATED BALANCE SHEETS (unaudited)
(in Canadian $ millions)

            December 31
            2012       2011
Assets                    
Cash and cash equivalents         $ 1,895      $ 2,056 
Bonds                 82,536              78,073 
Mortgage loans                 17,875              17,432 
Stocks                 7,098              6,704 
Investment properties                 3,525              3,201 
Loans to policyholders                 7,082              7,162 
                  120,011              114,628 
Funds held by ceding insurers                 10,537              9,923 
Goodwill                 5,397              5,401 
Intangible assets                 3,115              3,154 
Derivative financial instruments                 997              968 
Owner occupied properties                 514              491 
Fixed assets                 154              137 
Reinsurance assets                 2,064              2,061 
Other assets                 4,893              4,283 
Deferred tax assets                 1,088              1,140 
Investments on account of segregated fund policyholders                 104,948              96,582 
Total assets         $ 253,718      $ 238,768 
                     
Liabilities                    
Insurance contract liabilities         $ 119,919      $ 114,730 
Investment contract liabilities                 739              782 
Debentures and other debt instruments                 4,283              4,313 
Funds held under reinsurance contracts                 335              169 
Derivative financial instruments                 342              316 
Other liabilities                 4,579              4,287 
Deferred tax liabilities                 868              929 
Repurchase agreements                              23 
Capital trust securities                 119              533 
Investment and insurance contracts on account of segregated fund
  policyholders
                104,948              96,582 
Total liabilities                 236,132              222,664 
                     
Equity                    
Non-controlling interests                    
      Participating account surplus in subsidiaries                 2,505              2,227 
      Non-controlling interests in subsidiaries                              3 
Shareholders' equity                    
      Share capital                    
            Preferred shares                 2,544              1,894 
            Common shares                 5,848              5,828 
      Accumulated surplus                 6,954              6,327 
      Accumulated other comprehensive loss                 (330)              (233) 
      Contributed surplus                 60              58 
Total equity                 17,586              16,104 
Total liabilities and equity         $ 253,718      $ 238,768 
                     

Segmented Information (unaudited)

Consolidated Net Earnings

The major reportable segments of the Company are Canada, United States, Europe and Lifeco Corporate.  These segments reflect the Company's management structure and internal financial reporting and are aligned to its geographic operations.  Each of these segments operates in the financial services industry and the revenues from these segments are derived principally from life, health and disability insurance, annuity products, investment management services, savings products and life, property and casualty, accident and health reinsurance.  Business activities that are not associated with the specific business units are attributed to the Lifeco Corporate segment.

Transactions between operating segments occur at market terms and conditions and have been eliminated upon consolidation.

The Company has established a capital allocation model to better measure the performance of the operating segments.  This segmented information is presented below.

For the three months ended December 31, 2012                        
              United           Lifeco      
        Canada     States     Europe     Corporate     Total
Income:                                
 Premium income     $ 2,468    $ 984    $ 1,375    $   $ 4,827 
 Net investment income                                
   Regular net investment income             603            326            441            (9)            1,361 
   Changes in fair value through profit or loss             (97)            34            245                       182 
 Total net investment income             506            360            686            (9)            1,543 
 Fee and other income             283            314            170                       767 
Total income             3,257            1,658            2,231            (9)            7,137 
                                 
Benefits and expenses:                                
 Paid or credited to policyholders             2,171            1,163            1,788                       5,122 
 Other             502            368            219            143            1,232 
 Financing charges             32            34                                  71 
 Amortization of finite life intangible assets             12            10                                  24 
                                 
Earnings before income taxes             540            83            218            (153)            688 
                                 
Income taxes             69            (1)            52            (22)            98 
                                 
Net earnings before non-controlling                                
 interests             471            84            166            (131)            590 
                                 
Non-controlling interests             206                       (5)                       205 
                                 
Net earnings             265            80            171            (131)            385 
                                 
Preferred share dividends             21                                             32 
                                 
Net earnings before capital allocation             244            80            166            (137)            353 
Impact of capital allocation             19            (3)            (14)            (2)            
Net earnings - common shareholders     $ 263    $ 77    $ 152    $ (139)    $ 353 
                                 

For the three months ended December 31, 2011                        
              United           Lifeco      
        Canada     States     Europe     Corporate     Total
Income:                                
 Premium income     $ 2,424    $ 820    $ 1,090    $   $ 4,334 
 Net investment income                                
   Regular net investment income             701            331            479            (146)            1,365 
   Changes in fair value through profit or loss             778            (7)            793            -            1,564 
 Total net investment income             1,479            324            1,272            (146)            2,929 
 Fee and other income             266            304            170            -            740 
Total income             4,169            1,448            2,532            (146)            8,003 
                                 
Benefits and expenses:                                
 Paid or credited to policyholders             3,255            956            2,129            -            6,340 
 Other             415            343            157            (288)            627 
 Financing charges             34            34            4            1            73 
 Amortization of finite life intangible assets             10            12            6            -            28 
                                 
Earnings before income taxes             455            103            236            141            935 
                                 
Income taxes             114            23            26            18            181 
                                 
Net earnings before non-controlling                                
 interests             341            80            210            123            754 
                                 
Non-controlling interests             99            (1)            8            -            106 
                                 
Net earnings             242            81            202            123            648 
                                 
Preferred share dividends             18            -            6            -            24 
                                 
Net earnings before capital allocation             224            81            196            123            624 
Impact of capital allocation             20            (2)            (15)            (3)            - 
Net earnings - common shareholders     $ 244    $ 79    $ 181    $ 120    $ 624 
                                 

For the twelve months ended December 31, 2012                        
              United           Lifeco      
        Canada     States     Europe     Corporate     Total
Income:                                
 Premium income     $ 9,581    $ 3,390    $ 5,849    $   $ 18,820 
 Net investment income                                
   Regular net investment income             2,542            1,309            1,814            (12)            5,653 
   Changes in fair value through profit or loss             658            476            1,509                       2,643 
 Total net investment income             3,200            1,785            3,323            (12)            8,296 
 Fee and other income             1,101            1,226            618                       2,945 
Total income             13,882            6,401            9,790            (12)            30,061 
                                 
Benefits and expenses:                                
 Paid or credited to policyholders             9,770            4,437            8,244                       22,451 
 Other             2,414            1,371            701            160            4,646 
 Financing charges             131            135            18                       285 
 Amortization of finite life intangible assets             45            48            10                       103 
Earnings before income taxes             1,522            410            817            (173)            2,576 
                                 
Income taxes             212            68            115            (27)            368 
                                 
Net earnings before non-controlling
interests
            1,310            342            702            (146)            2,208 
                                 
Non-controlling interests             269                                             278 
                                 
Net earnings             1,041            339            696            (146)            1,930 
                                 
Preferred share dividends             79                       22            14            115 
                                 
Net earnings before capital allocation             962            339            674            (160)            1,815 
                                 
Impact of capital allocation             78            (14)            (56)            (8)            
                                 
Net earnings - common shareholders     $ 1,040    $ 325    $ 618    $ (168)    $ 1,815 
                                 

For the twelve months ended December 31, 2011                        
              United           Lifeco      
        Canada     States     Europe     Corporate     Total
Income:                                
 Premium income     $ 9,285    $ 3,126    $ 4,882    $   $ 17,293 
 Net investment income                                
   Regular net investment income             2,470            1,311            1,891            (134)            5,538 
   Changes in fair value through profit or loss             1,853            454            1,857            -            4,164 
 Total net investment income             4,323            1,765            3,748            (134)            9,702 
 Fee and other income             1,088            1,232            583            -            2,903 
Total income             14,696            6,123            9,213            (134)            29,898 
                                 
Benefits and expenses:                                
 Paid or credited to policyholders             10,971            4,229            7,843            -            23,043 
 Other             2,207            1,240            586            (271)            3,762 
 Financing charges             136            134            18            1            289 
 Amortization of finite life intangible assets             41            46            13            -            100 
Earnings before income taxes             1,341            474            753            136            2,704 
                                 
Income taxes             252            98            96            19            465 
                                 
Net earnings before non-controlling                                
 interests             1,089            376            657            117            2,239 
                                 
Non-controlling interests             108            (1)            14            -            121 
                                 
Net earnings             981            377            643            117            2,118 
                                 
Preferred share dividends             73            -            23            -            96 
                                 
Net earnings before capital allocation             908            377            620            117            2,022 
                                 
Impact of capital allocation             78            (7)            (58)            (13)            - 
                                 
Net earnings - common shareholders     $ 986    $ 370    $ 562    $ 104    $ 2,022 

 

 

 

 

 

 

 

 

 

SOURCE: Great-West Lifeco Inc.

For further information:

Marlene Klassen, APR
Assistant Vice-President, Communication Services
(204) 946-7705