Great-West Lifeco reports 2010 results

TSX:GWO

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

WINNIPEG, Feb. 10 /CNW/ - Great-West Lifeco Inc. (Lifeco) has reported net earnings attributable to common shareholders of $508 million for the three months ended December 31, 2010, compared to $443 million in 2009, an increase of 14.7%. On a per share basis, this represents $0.535 per common share for the three months ended December 31, 2010, compared to $0.468 per common share for 2009.

Fourth quarter results include a favourable $35 million adjustment of prior year overstatements of tax liabilities in the United States segment. Asset impairment provisions of $57 million and the related impact on actuarial liabilities of $71 million negatively impacted in quarter earnings by $128 million, primarily in the Europe segment. There was also a positive in quarter contribution of $43 million from excess interest margins in actuarial liabilities in the Europe segment. Fourth quarter results also include the favourable after-tax impact of a $68 million adjustment relating to the cost of acquiring Canada Life Financial Corporation in 2003.

For the twelve months ended December 31, 2010, operating earnings attributable to common shareholders were $1,861 million, compared to $1,627 million a year ago, an increase of 14.4%. On a per share basis, this represents $1.964 per common share ($1.962 diluted) for 2010, compared to $1.722 per common share ($1.719 diluted) a year ago.

Operating earnings, a non-GAAP financial measure, exclude the impact of an incremental litigation provision established in the third quarter in the amount of $225 million after-tax ($204 million attributable to the common shareholders or $0.216 per common share and $21 million to non-controlling interests).

Currency headwinds persisted in the quarter as the Canadian dollar continued to strengthen against the U.S. dollar, the British pound and the euro. For the three months ended December 31, 2010, the negative currency impact on Lifeco's net earnings was $17 million or $0.02 per common share compared to the same period in 2009. For the twelve months ended December 31, 2010, the negative currency impact on net earnings was $103 million or $0.11 per common share compared to 2009.

Consolidated assets under administration at December 31, 2010 were $484 billion, up $25 billion from December 31, 2009.

Highlights

    <<
    -   In Canada, sales of individual life insurance increased 20% in the
        quarter compared to the same quarter of 2009 and full year sales of
        group insurance increased 8% compared to 2009.
    -   In US Financial Services, sales of single premium whole life
        insurance increased 104% on a constant currency basis in the quarter
        compared to the same quarter in 2009.
    -   Putnam mutual fund sales increased 16% on a constant currency basis
        in the quarter compared to the same quarter in 2009 and the Putnam
        suite of absolute return mutual funds reached US$2.7 billion in
        assets under management.
    -   U.K. sales increased 57% on a constant currency basis in the quarter
        compared to the same quarter in 2009.
    -   Return on common shareholders' equity was 16.0% based on operating
        earnings and 14.4% on net earnings.
    -   The Company declared a quarterly common dividend of $0.3075 per
        common share payable March 31, 2011, unchanged from the previous
        quarter.
    -   The Company's capital position remains very strong. Lifeco's Canadian
        operating subsidiary, Great-West Life, reported a Minimum Continuing
        Capital and Surplus (MCCSR) ratio of 203% at December 31, 2010. At
        December 31, 2010 Lifeco held, at the holding company level,
        approximately $800 million in liquid assets derived from capital
        raising initiatives since the fourth quarter of 2008, which is not
        reflected in the Great-West Life MCCSR ratio.
    >>

SEGMENTED 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 (GWL&A), and Putnam Investments, LLC (Putnam), together with Lifeco's corporate results.

CANADA

Net earnings attributable to common shareholders for the fourth quarter of 2010 were down slightly to $238 million compared to $246 million in the fourth quarter of 2009. Fourth quarter results include the favourable after-tax impact of a $44 million adjustment relating to the cost of acquiring Canada Life Financial Corporation in 2003. The fourth quarter 2009 results had included a favourable provision release of $29 million related to litigation for certain Canadian retirement plans and a gain recognized on the redemption of Lifeco Preferred Shares, Series E of $15 million.

For the twelve months ended December 31, 2010, net earnings attributable to common shareholders were $940 million compared to $883 million in 2009.

Total sales for the twelve months ended December 31, 2010 were up 23% to $9.5 billion compared to $7.7 billion after adjusting the 2009 twelve month period for the impact of the group retirement assets acquired from Fidelity Investments Canada. This growth was driven by strong sales of proprietary retail investment funds which were up 31%, payout annuity products which were up 11% and individual life product sales which increased 26% compared to the twelve month period in 2009.

Total assets under administration at December 31, 2010 were $125.5 billion, compared to $114.6 billion at December 31, 2009.

UNITED STATES

Net earnings attributable to common shareholders for the fourth quarter of 2010 were $133 million compared to $36 million in the fourth quarter of 2009. Fourth quarter results include a favourable $35 million adjustment of prior year overstatements of tax liabilities. In quarter earnings contribution from Putnam was a positive $1 million compared to a negative $37 million a year ago primarily driven by lower expenses of $43 million, releases of legal provisions of $16 million and a reduction of performance fee income by $21 million.

For the twelve months ended December 31, 2010, net earnings attributable to common shareholders were $343 million compared to $228 million in 2009.

As a result of currency movement, net earnings were negatively impacted by $6 million compared to the fourth quarter of 2009 and by $32 million compared to the twelve months of 2009.

Total sales for the twelve months ended December 31, 2010 were $38.1 billion compared to $32.4 billion in 2009.

Total assets under administration at December 31, 2010 were $293.7 billion compared to $277.8 billion at December 31, 2009. Included in assets under administration at December 31, 2010 were $120.0 billion of mutual fund and institutional account assets managed by Putnam.

EUROPE

Net earnings attributable to common shareholders for the fourth quarter of 2010 were $138 million compared to $165 million in the fourth quarter of 2009. Asset impairment provisions of $50 million and the related impact on actuarial liabilities of $71 million negatively impacted in quarter earnings by $121 million. There was also a positive in quarter contribution of $43 million from excess interest margins in actuarial liabilities. In quarter results also include the favourable after-tax impact of a $24 million adjustment relating to the cost of acquiring Canada Life Financial Corporation in 2003.

For the twelve months ended December 31, 2010, net earnings attributable to common shareholders were $578 million compared to $529 million in 2009.

As a result of currency movement, net earnings were negatively impacted by $11 million when compared to the fourth quarter of 2009 and by $71 million when compared to the twelve months of 2009.

Total sales for the twelve months ended December 31, 2010 were $4.5 billion, compared to $4.0 billion in 2009. Sales increased by 27% in local currency, however, this was partly offset by the negative effect of currency movement.

Total assets under administration at December 31, 2010 were $64.7 billion, compared to $66.2 billion at December 31, 2009.

CORPORATE

Corporate net earnings for Lifeco attributable to common shareholders was a net loss of $1 million for the fourth quarter compared to a net loss of $4 million in the fourth quarter of 2009. For the twelve months ended December 31, 2010 net earnings for Lifeco attributable to common shareholders was a net loss of $204 million, which includes the impact of the litigation provision established in the third quarter, compared to a net loss of $13 million for the twelve months ended December 31, 2009.

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 31, 2011 to shareholders of record at the close of business March 3, 2011.

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; and
    -   Series M First Preferred Shares of $0.36250 per share
    >>

all payable March 31, 2011 to shareholders of record at the close of business March 3, 2011.

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

GREAT-WEST LIFECO

Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company with interests in the life insurance, health insurance, retirement savings, investment management and reinsurance businesses. The Company 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. Lifeco and its companies have $484 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" or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, 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, taxes, 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 changes (including adoption of International Financial Reporting Standards), 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" and "Summary of Critical Accounting Estimates" in the Company's 2010 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 not to 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-GAAP Financial Measures

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

Further information

Selected financial information is attached.

Great-West Lifeco's fourth quarter conference call and audio webcast will be held Thursday, February 10, 2011 at 3:30 p.m. (EST). The call and webcast can be accessed through www.greatwestlifeco.com or by phone at:

    <<
    -   Participants in the Toronto area: 416-340-8018
    -   Participants from North America: 1-866-223-7781
    -   Participants from Overseas: Dial international access code first,
        then 800-6578-9898
    >>

A replay of the call will be available from February 10th to February 17th, 2011, and can be accessed by calling 1-800-408-3053 or 416-695-5800 in Toronto (passcode: 1367585 followed by the number sign). The archived webcast will be available on www.greatwestlifeco.com from approximately 7:00 p.m. (EST) on February 10, 2011 until February 9, 2012.

Additional information relating to Lifeco, including the 2010 audited consolidated financial statements, Management's Discussion and Analysis (MD&A), Annual Information Form (AIF), and CEO/CFO certificates will be filed on SEDAR at www.sedar.com.

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

                              As at or for the                For the
                             three months ended         twelve months ended
                       ------------------------------------------------------
                       December   September  December   December   December
                        31 2010    30 2010    31 2009    31 2010    31 2009
    -------------------------------------------------------------------------
    Premiums and
     deposits:
    Life insurance,
     guaranteed
     annuities and
     insured health
     products          $   4,610  $   4,313  $   4,324  $  17,748  $  18,033
    Self-funded premium
     equivalents (ASO
     contracts)              654        619        632      2,575      2,499
    Segregated funds
     deposits:
      Individual
       products            2,158      1,703      2,036      7,284      6,229
      Group products       1,385      1,340      1,626      6,790      8,470
    Proprietary mutual
     funds and
     institutional
     deposits              6,667      6,407      6,042     24,654     21,507
                       ------------------------------------------------------
    Total premiums and
     deposits             15,474     14,382     14,660     59,051     56,738
                       ------------------------------------------------------

    Fee and other
     income                  729        691        765      2,874      2,839
    Paid or credited
     to policyholders      3,553      7,317      4,283     23,063     23,809

    Operating earnings
     - common
     shareholders           508         479        443      1,861      1,627
    Net earnings -
     common
     shareholders           508         275        443      1,657      1,627
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Per common share
      Operating
       earnings        $   0.535  $   0.505  $   0.468  $   1.964  $   1.722
      Basic earnings       0.535      0.289      0.468      1.748      1.722
      Dividends paid      0.3075     0.3075     0.3075      1.230      1.230
      Book value           12.15      12.35      12.17
    -------------------------------------------------------------------------
    Return on common
     shareholders'
     equity (12
     months):
      Operating
       earnings            16.0%      15.5%      13.8%
      Net earnings         14.4%      13.8%      13.8%
    -------------------------------------------------------------------------
      Total assets     $ 131,514  $ 135,567  $ 128,369
      Segregated funds
       net assets         94,827     92,167     87,495
      Proprietary
       mutual funds
       and
       institutional
       net assets        123,273    126,362    123,504
                       --------------------------------
      Total assets
       under
       management        349,614    354,096    339,368
      Other assets
       under
       administration    134,308    131,557    119,207
                       --------------------------------
      Total assets
       under
       administration  $ 483,922  $ 485,653  $ 458,575
                       --------------------------------
                       --------------------------------
      Share capital and
       surplus         $  13,420  $  13,361  $  13,003
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    The Company uses operating earnings as a non-GAAP financial measure of
    earnings performance, which excludes the litigation provision described
    in Note 25 to the December 31, 2010 financial statements.



              SUMMARIES OF CONSOLIDATED OPERATIONS  (unaudited)
                  (in $ millions except per share amounts)

                                  For the three months      For the years
                                    ended December 31     ended December 31
                                  -------------------------------------------
                                     2010       2009       2010       2009
                                  -------------------------------------------
    Income
      Premium income              $   4,610  $   4,324  $  17,748  $  18,033
      Net investment income
        Regular net investment
         income                       1,475      1,461      5,743      6,179
        Changes in fair value on
         held for trading assets     (1,555)      (549)     3,633      3,490
                                  -------------------------------------------
      Total net investment income       (80)       912      9,376      9,669
      Fee and other income              729        765      2,874      2,839
                                  -------------------------------------------
                                      5,259      6,001     29,998     30,541
                                  -------------------------------------------

    Benefits and expenses
      Policyholder benefits           4,037      3,915     15,342     16,568
      Policyholder dividends and
       experience refunds               350        328      1,466      1,479
      Change in actuarial
       liabilities                     (834)        40      6,255      5,762
                                  -------------------------------------------
      Total paid or credited to
       policyholders                  3,553      4,283     23,063     23,809

      Commissions                       430        391      1,523      1,370
      Operating expenses                568        673      2,797      2,600
      Premium taxes                      59         65        256        257
      Financing charges                  71         62        283        336
      Amortization of finite life
       intangible assets                 23         21         92         89
                                  -------------------------------------------
    Earnings before income taxes        555        506      1,984      2,080
    Income taxes  - current             219       (162)       168       (102)
                  - future             (178)       209         59        447
                                  -------------------------------------------
    Net earnings before
     non-controlling interests          514        459      1,757      1,735
    Non-controlling interests           (16)        (4)        14         36
                                  -------------------------------------------
    Net earnings                        530        463      1,743      1,699
    Perpetual preferred share
     dividends                           22         20         86         72
                                  -------------------------------------------
    Net earnings - common
     shareholders                 $     508  $     443  $   1,657  $   1,627
                                  -------------------------------------------
                                  -------------------------------------------

    Earnings per common share
      Basic                       $   0.535  $   0.468  $   1.748  $   1.722
                                  -------------------------------------------
                                  -------------------------------------------
      Diluted                     $   0.535  $   0.467  $   1.746  $   1.719
                                  -------------------------------------------
                                  -------------------------------------------



                   CONSOLIDATED BALANCE SHEETS (unaudited)
                               (in $ millions)

                                                             December 31
                                                        ---------------------
                                                           2010       2009
                                                        ---------------------
    Assets
    Bonds                                               $  72,203  $  66,147
    Mortgage loans                                         16,115     16,684
    Stocks                                                  6,700      6,442
    Real estate                                             3,273      3,099
    Loans to policyholders                                  6,827      6,957
    Cash and cash equivalents                               1,840      3,427
    Funds held by ceding insurers                           9,860     10,839
    Goodwill                                                5,397      5,406
    Intangible assets                                       3,108      3,238
    Other assets                                            6,191      6,130
                                                        ---------------------
    Total assets                                        $ 131,514  $ 128,369
                                                        ---------------------
                                                        ---------------------

    Liabilities
    Policy liabilities
      Actuarial liabilities                             $ 100,394  $  98,059
      Provision for claims                                  1,331      1,308
      Provision for policyholder dividends                    629        606
      Provision for experience rating refunds                 311        317
      Policyholder funds                                    2,452      2,361
                                                        ---------------------
                                                          105,117    102,651

    Debentures and other debt instruments                   4,323      4,142
    Funds held under reinsurance contracts                    152        186
    Other liabilities                                       4,686      4,608
    Repurchase agreements                                   1,041        532
    Deferred net realized gains                               115        133
                                                        ---------------------
                                                          115,434    112,252

    Preferred shares                                            -        203
    Capital trust securities and debentures                   535        540
    Non-controlling interests
      Participating account surplus in subsidiaries         2,013      2,004
      Preferred shares issued by subsidiaries                   -        157
      Perpetual preferred shares issued by subsidiaries         -        147
      Non-controlling interests in capital stock and
       surplus                                                112         63

    Share capital and surplus
    Share capital
      Preferred shares                                      1,897      1,497
      Common shares                                         5,802      5,751
    Accumulated surplus                                     7,844      7,367
    Accumulated other comprehensive loss                   (2,177)    (1,664)
    Contributed surplus                                        54         52
                                                        ---------------------
                                                           13,420     13,003
                                                        ---------------------
    Total liabilities, share capital and surplus        $ 131,514  $ 128,369
                                                        ---------------------
                                                        ---------------------



    Segmented Information (unaudited)
    Consolidated Operations

    For the three months ended December 31, 2010

                                    United                Lifeco
                         Canada     States     Europe   Corporate    Total
                       ------------------------------------------------------
    Income:
      Premium income   $   2,425  $     900  $   1,285  $       -  $   4,610
      Net investment
       income
        Regular net
         investment
         income              653        332        488          2      1,475
        Changes in fair
         value on held
         for trading
         assets             (118)      (325)    (1,112)         -     (1,555)
                       ------------------------------------------------------
      Total net
       investment
       income                535          7       (624)         2        (80)
      Fee and other
       income                263        311        155          -        729
                       ------------------------------------------------------
    Total income           3,223      1,218        816          2      5,259
                       ------------------------------------------------------

    Benefits and
     expenses:
      Paid or credited
       to policyholders    2,306        742        505          -      3,553
      Other                  608        367        151          2      1,128
      Amortization of
       finite life
       intangible
       assets                 11         10          2          -         23
                       ------------------------------------------------------

    Earnings before
     income taxes            298         99        158          -        555

    Income taxes              65        (35)        10          1         41
                       ------------------------------------------------------

    Net earnings
     before
     non-controlling
     interests               233        134        148         (1)       514

    Non-controlling
     interests               (23)         1          6          -        (16)
                       ------------------------------------------------------

    Net earnings             256        133        142         (1)       530

    Perpetual preferred
     share dividends          18          -          4          -         22
                       ------------------------------------------------------

    Net earnings -
     common
     shareholders      $     238  $     133  $     138  $      (1) $     508
                       ------------------------------------------------------
                       ------------------------------------------------------



    For the three months ended December 31, 2009

                                    United                Lifeco
                         Canada     States     Europe   Corporate    Total
                       ------------------------------------------------------
    Income:
      Premium income   $   2,386  $     685  $   1,253  $       -  $   4,324
      Net investment
       income
        Regular net
         investment
         income              633        332        491          5      1,461
        Changes in
         fair value
         on held for
         trading
         assets             (179)       (15)      (355)         -       (549)
                       ------------------------------------------------------
      Total net
       investment
       income                454        317        136          5        912
      Fee and other
       income                249        358        158          -        765
                       ------------------------------------------------------
    Total income           3,089      1,360      1,547          5      6,001
                       ------------------------------------------------------

    Benefits and
     expenses:
      Paid or credited
       to policyholders    2,233        853      1,197          -      4,283
      Other                  530        457        196          8      1,191
      Amortization of
       finite life
       intangible
       assets                  8         11          2          -         21
                       ------------------------------------------------------

    Earnings before
     income taxes            318         39        152         (3)       506

    Income taxes              66         13        (28)        (4)        47
                       ------------------------------------------------------

    Net earnings before
     non-controlling
     interests               252         26        180          1        459

    Non-controlling
     interests                (5)       (10)        11          -        (4)
                       ------------------------------------------------------

    Net earnings             257         36        169          1        463

    Perpetual preferred
     share dividends          11          -          4          5         20
                       ------------------------------------------------------

    Net earnings -
     common
     shareholders      $     246  $      36  $     165  $      (4) $     443
                       ------------------------------------------------------
                       ------------------------------------------------------



    For the twelve months ended December 31, 2010

                                    United                Lifeco
                         Canada     States     Europe   Corporate    Total
                       ------------------------------------------------------
    Income:
      Premium income   $   9,220  $   3,216  $   5,312  $       -  $  17,748
      Net investment
       income
        Regular net
         investment
         income            2,547      1,332      1,854         10      5,743
        Changes in fair
         value on held
         for trading
         assets            1,604        719      1,310          -      3,633
                       ------------------------------------------------------
      Total net
       investment
       income              4,151      2,051      3,164         10      9,376
      Fee and other
       income              1,025      1,246        603          -      2,874
                       ------------------------------------------------------
    Total income          14,396      6,513      9,079         10     29,998
                       ------------------------------------------------------

    Benefits and
     expenses:
      Paid or credited
       to policyholders   10,665      4,609      7,789          -     23,063
      Other                2,495      1,489        597        278      4,859
      Amortization of
       finite life
       intangible assets      40         45          7          -         92
                       ------------------------------------------------------

    Earnings before
     income taxes          1,196        370        686       (268)     1,984

    Income taxes             186         25         80        (64)       227
                       ------------------------------------------------------

    Net earnings before
     non-controlling
     interests             1,010        345        606       (204)     1,757

    Non-controlling
     interests                (2)         2         14          -         14
                       ------------------------------------------------------

    Net earnings           1,012        343        592       (204)     1,743

    Perpetual
     preferred share
     dividends                72          -         14          -         86
                       ------------------------------------------------------
    Net earnings -
     common
     shareholders      $     940  $     343  $     578  $    (204) $   1,657
                       ------------------------------------------------------
                       ------------------------------------------------------



    For the twelve months ended December 31, 2009

                                    United                Lifeco
                         Canada     States     Europe   Corporate    Total
                       ------------------------------------------------------
    Income:
      Premium income   $   8,946  $   2,973  $   6,114  $       -  $  18,033
      Net investment
       income
        Regular net
         investment
         income            2,610      1,521      2,025         23      6,179
        Changes in
         fair value
         on held for
         trading assets    1,316        981      1,193          -      3,490
                       ------------------------------------------------------
      Total net
       investment
       income              3,926      2,502      3,218         23      9,669
      Fee and other
       income                938      1,240        661          -      2,839
                       ------------------------------------------------------
    Total income          13,810      6,715      9,993         23     30,541
                       ------------------------------------------------------

    Benefits and
     expenses:
      Paid or credited
       to policyholders   10,354      4,778      8,677          -     23,809
      Other                2,205      1,594        746         18      4,563
      Amortization of
       finite life
       intangible assets      32         51          6          -         89
                       ------------------------------------------------------

    Earnings before
     income taxes          1,219        292        564          5      2,080

    Income taxes             268         68          7          2        345
                       ------------------------------------------------------

    Net earnings
     before
     non-controlling
     interests               951        224        557          3      1,735

    Non-controlling
     interests                26         (4)        14          -         36
                       ------------------------------------------------------

    Net earnings             925        228        543          3      1,699

    Perpetual
     preferred share
     dividends                42          -         14         16         72
                       ------------------------------------------------------

    Net earnings -
     common
     shareholders      $     883  $     228  $     529  $     (13) $   1,627
                       ------------------------------------------------------
                       ------------------------------------------------------
    >>

SOURCE Great-West Lifeco Inc.

For further information: Marlene Klassen, APR, Assistant Vice-President, Communication Services, (204) 946-7705


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.