Great-West Lifeco completes offering of Preferred Shares

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

TSX:GWO

WINNIPEG, Feb. 22, 2012 /CNW/ - Great-West Lifeco Inc. ("Lifeco" or the "Company") announced today the closing of its previously announced offering of 10,000,000 Non-Cumulative First Preferred Shares, Series P (the "Series P Shares") through a syndicate of underwriters co-led by BMO Capital Markets, RBC Capital Markets, and Scotiabank for gross proceeds of $250 million.  The Series P Shares will be posted for trading on the Toronto Stock Exchange under the symbol "GWO.PR.P".

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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 over $502 billion* in assets under administration, and are members of the Power Financial Corporation group of companies.

*As at December 31, 2011

SOURCE Great-West Lifeco Inc.

For further information:

Marlene Klassen, APR
Assistant Vice-President, Communication Services
204.946.7705


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