Great-West Lifeco reports second quarter 2016 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

TORONTO, Aug. 3, 2016 /CNW/ - Great-West Lifeco Inc. (Lifeco or the Company) has reported net earnings attributable to common shareholders of $671 million or $0.675 per common share for the three months ended June 30, 2016 compared to $659 million or $0.661 per common share for the same period in 2015.  Net earnings attributable to common shareholders in the second quarter of 2016 increased $51 million or 8% as compared to the previous quarter.

For the six months ended June 30, 2016, net earnings attributable to common shareholders were $1,291 million, compared to $1,359 million for the same period in 2015.  This represents $1.300 per common share for the six months ended June 30, 2016, compared to $1.363 per common share for the same period in 2015.

Consolidated assets under administration at June 30, 2016 were approximately $1.2 trillion, a decrease of $28.7 billion from December 31, 2015.

Highlights – In Quarter

  • Lifeco premiums and deposits in the second quarter of 2016 of $28.2 billion were up 28% from the same quarter in 2015:
    • Canada premiums and deposits were $5.9 billion, comparable to the same quarter last year, primarily due to strong Group and Individual Insurance premium growth, offset by lower Wealth Management deposits.
    • Europe premiums and deposits were $8.3 billion, up 60%, primarily due to higher fund management sales in Ireland.
    • Great-West Financial premiums and deposits were US$2.6 billion, up 27%, primarily as a result of higher deposits into Empower Retirement investment products from sales.
  • Lifeco sales in the second quarter of 2016 of $24.9 billion were up 1% compared to the same quarter in 2015.
  • Lifeco maintained a strong ROE of 14.0%.
  • Lifeco's capital position remained very strong. The Great-West Life Assurance Company reported a Minimum Continuing Capital Surplus Requirements (MCCSR) ratio of 232% at June 30, 2016.
  • Lifeco declared a quarterly common dividend of $0.3460 per common share payable September 30, 2016.
  • Lifeco, through its subsidiary Irish Life Group Limited (Irish Life), has completed its previously announced transactions to acquire Aviva Health Insurance Ireland Limited (Aviva Health) and assume control of GloHealth Financial Services Limited (GloHealth). Aviva Health and GloHealth will combine to become one of the leading providers in the Irish health insurance market.

OPERATING RESULTS

Consolidated net earnings of Lifeco include the net earnings of The Great-West Life Assurance Company (Great-West Life) and its operating subsidiaries, London Life Insurance Company (London Life) and The Canada Life Assurance Company (Canada Life); Great-West Life & Annuity Insurance Company (Great-West Financial) and Putnam Investments, LLC (Putnam), together with Lifeco's Corporate operating results.  For reporting purposes, the consolidated operating results are grouped into four reportable segments - Canada, United States, Europe and Lifeco Corporate - reflecting geographic lines as well as the management and corporate structure of the companies.

CANADA
Net earnings attributable to common shareholders for the second quarter of 2016 were $327 million compared to $308 million in the second quarter of 2015.  For the six months ended June 30, 2016, net earnings attributable to common shareholders were $603 million compared to $607 million for the same period in 2015.

Total sales in the second quarter of 2016 of $2.7 billion were down from $3.0 billion in the second quarter of 2015, as a result of lower Wealth Management sales, consistent with a decline in industry asset cash flows for segregated funds and mutual funds. Individual Insurance sales were up 12% while Group Insurance sales were comparable to the prior year. Total sales for the six months ended June 30, 2016 were $5.9 billion compared to $6.2 billion for the same period in 2015.

Total Canada segment assets under administration at June 30, 2016 were $171 billion compared to $166 billion at December 31, 2015.

UNITED STATES
Net earnings attributable to common shareholders for the second quarter of 2016 were $53 million, reflecting Great-West Financial net earnings of $71 million and a net loss of $18 million for Putnam, compared to net earnings of $67 million in the second quarter of 2015.  For the six months ended June 30, 2016, net earnings attributable to common shareholders were $116 million compared to $188 million for the same period in 2015.

Great-West Financial sales in the second quarter of 2016 were US$4.7 billion, down from US$7.8 billion in the second quarter of 2015, primarily due to lower Empower Retirement large plan sales.  Sales for the six months ended June 30, 2016 were US$25.0 billion compared to US$15.8 billion in 2015.

Putnam assets under management as at June 30, 2016 were US$147.7 billion compared to US$156.3 billion at June 30, 2015, a decrease of 6%, primarily due to net asset outflows and lower market levels.  Net asset outflows for the second quarter of 2016 were US$0.7 billion compared to US$1.8 billion for the same quarter in 2015. In-quarter institutional net asset inflows of US$1.7 billion were more than offset by mutual fund net asset outflows of US$2.4 billion.

Total United States segment assets under administration at June 30, 2016 were $786 billion compared to $808 billion at December 31, 2015.

EUROPE
On June 23, 2016, the U.K. voted to leave the European Union.  The Company has undertaken an in-depth analysis of the potential risks to the Company's businesses, and notwithstanding the uncertainty and increased market volatility, the businesses are resilient and the Company maintains significant financial flexibility.  The Company's operations in Europe have strong, stable businesses and a diversified investment portfolio.  These businesses are appropriately capitalized and the Company remains committed to these markets. Customer needs for insurance, wealth and annuity products remain as before and the Company is well placed to continue to serve these customers.

Net earnings attributable to common shareholders for the second quarter of 2016 were $293 million compared to $289 million in the second quarter of 2015.  For the six months ended June 30, 2016, net earnings attributable to common shareholders were $580 million compared to $575 million for the same period in 2015.

Insurance & Annuities sales for the second quarter of 2016 were $5.6 billion, compared to $3.4 billion a year ago, an increase of 63%.  The increase primarily reflects continued strong fund management sales in Ireland and higher sales of payout annuities in the U.K.  Sales for the six months ended June 30, 2016 were $10.1 billion compared to $7.9 billion for the same period in 2015. 

Total Europe segment assets under administration at June 30, 2016 were $227 billion compared to $238 billion at December 31, 2015.

LIFECO CORPORATE
Lifeco Corporate segment's net loss attributable to common shareholders was $2 million in the second quarter of 2016 compared to a net loss of $5 million in the second quarter of 2015.  For the six months ended June 30, 2016, the net loss of $8 million was comparable to a net loss of $11 million for the same period in 2015.

QUARTERLY DIVIDENDS 

At its meeting today, the Board of Directors approved a quarterly dividend of $0.3460 per share on the common shares of Lifeco payable September 30, 2016 to shareholders of record at the close of business September 2, 2016.

In addition, the Directors approved quarterly dividends on Lifeco's preferred shares, as follows:

First Preferred Shares

Record Date

Payment Date

Amount, per share

Series F

September 2, 2016

September 30, 2016

$0.36875

Series G

September 2, 2016

September 30, 2016

$0.3250

Series H

September 2, 2016

September 30, 2016

$0.30313

Series I

September 2, 2016

September 30, 2016

$0.28125

Series L

September 2, 2016

September 30, 2016

$0.353125

Series M

September 2, 2016

September 30, 2016

$0.3625

Series N

September 2, 2016

September 30, 2016

$0.1360

Series O

September 2, 2016

September 30, 2016

$0.116638

Series P

September 2, 2016

September 30, 2016

$0.3375

Series Q

September 2, 2016

September 30, 2016

$0.321875

Series R

September 2, 2016

September 30, 2016

$0.3000

Series S

September 2, 2016

September 30, 2016

$0.328125

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 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, Europe and Asia through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments.  Lifeco and its companies have approximately $1.2 trillion in consolidated assets under administration and are members of the Power Financial Corporation group of companies.  To learn more, visit www.greatwestlifeco.com.

Basis of presentation
The consolidated financial statements of Lifeco have been prepared in accordance with International Financial Reporting Standards (IFRS) and are the basis for the figures presented in this release, unless otherwise noted.

Cautionary note regarding Forward-Looking Information
This release may contain forward-looking statements.  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 other similar expressions or negative versions thereof.  These statements may include, without limitation, statements about Lifeco's operations, business, financial condition, expected financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions by Lifeco, including statements made with respect to the expected benefits of acquisitions and divestitures.  Forward-looking statements are based on expectations, forecasts, predictions, projections and conclusions about future events that were current at the time of the statements and are inherently subject to, among other things, risks, uncertainties and assumptions about Lifeco, economic factors and the financial services industry generally, including the insurance and mutual fund industries.  They are not guarantees of future performance, and the reader is cautioned that actual events and results could differ materially from those expressed or implied by forward-looking statements.  Material factors and assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting Lifeco's operations will continue substantially in their current state, including, without limitation, with respect to customer behaviour, Lifeco's reputation, market prices for products provided, sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy lapse rates, reinsurance arrangements, liquidity requirements, capital requirements, credit ratings, taxes, inflation, interest and foreign exchange rates, investment values, hedging activities, global equity and capital markets, business competition and other general economic, political and market factors in North America and internationally.  Many of these assumptions are based on factors and events that are not within the control of Lifeco and there is no assurance that they will prove to be correct.  Other important factors and assumptions that could cause actual results to differ materially from those contained in forward-looking statements include customer responses to new products, impairments of goodwill and other intangible assets, Lifeco's ability to execute strategic plans and changes to strategic plans, technological changes, breaches or failure of information systems and security (including cyber attacks), payments required under investment products, changes in local and international laws and regulations, changes in accounting policies and the effect of applying future accounting policy changes, unexpected judicial or regulatory proceedings, catastrophic events, continuity and availability of personnel and third party service providers, Lifeco's ability to complete strategic transactions and integrate acquisitions and unplanned material changes to Lifeco's facilities, customer and employee relations or credit arrangements.  The reader is cautioned that the foregoing list of assumptions and factors is not exhaustive, and there may be other factors listed in other filings with securities regulators, including factors set out in Lifeco's 2015 Annual MD&A under "Risk Management and Control Practices" and "Summary of Critical Accounting Estimates", which, along with other filings, is available for review at www.sedar.com.  The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not to place undue reliance on forward-looking statements.  Other than as specifically required by applicable law, Lifeco does not intend 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", "assets under management", "assets under administration" and other similar expressions.  Non-IFRS financial measures are used to provide management and investors with additional measures of performance to help assess results where no comparable IFRS measure exists.  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.  Refer to the appropriate reconciliations of these non-IFRS financial measures to measures prescribed by IFRS.

Further information
Selected financial information is attached.

Lifeco's second quarter conference call and audio webcast will be held August 4, 2016 at 10:00 a.m. (ET).  The call and webcast can be accessed through www.greatwestlifeco.com or by phone at:

A replay of the call will be available from August 4, 2016 to August 11, 2016, and can be accessed by calling 1-800-408-3053 or 905-694-9451 in Toronto (passcode: 6396358#). The archived webcast will be available on www.greatwestlifeco.com from August 4, 2016 to August 3, 2017.

Additional information relating to Lifeco, including the most recent interim unaudited consolidated financial statements, interim Management's Discussion and Analysis (MD&A) 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 six months ended


June 30
2016

March 31
2016

June 30
2015


June 30
2016

June 30
2015

Premiums and deposits:












Net premium income (Life insurance,














guaranteed annuities and insured health














products)

$

6,871

$

7,015

$

5,516


$

13,886

$

12,448


Policyholder deposits (segregated funds):










Individual products

3,213

3,689

3,031


6,902

6,012



Group products

1,858

2,238

1,835


4,096

3,870


Self-funded premium equivalents









(Administrative services only contracts)(1)

707

698

659


1,405

1,321


Proprietary mutual funds and institutional









deposits(1)

15,522

16,354

11,032


31,876

23,970

Total premiums and deposits(1)

28,171

29,994

22,073


58,165

47,621








Fee and other income

1,231

1,254

1,226


2,485

2,484

Paid or credited to policyholders(2)

10,035

9,678

1,588


19,713

11,477








Earnings







Net earnings - common shareholders

$

671

$

620

$

659


$

1,291

$

1,359


Per common share










Basic earnings

0.675

0.625

0.661


1.300

1.363



Dividends paid

0.346

0.346

0.326


0.692

0.652



Book value

19.04

19.29

18.28















Return on common shareholders' equity(3)










Net earnings

14.0%

14.0%

15.7%















Total assets

$

390,251

$

390,245

$

376,428







Proprietary mutual funds and institutional











net assets(4)

243,688

237,984

232,168






Total assets under management(4)

633,939

628,229

608,596







Other assets under administration(5)

549,878

558,290

539,259






Total assets under administration

$

1,183,817

$

1,186,519

$

1,147,855






Total equity

$

24,201

$

24,531

$

23,470



















(1)

In addition to premiums and deposits reported in the financial statements, the Company 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)

Return on common shareholders' equity is detailed within the "Capital Allocation Methodology" section of the Company's June 30, 2016 Management's Discussion and Analysis.

(4)

Total assets under management (a non-IFRS financial measure) provides an indicator of the size and volume of the overall business of the Company. 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 the Company has oversight over the investment policies.

(5)

Other assets under administration (a non-IFRS financial measure) includes assets where the Company only provides administration services for which the Company earns fee and other income. These assets are beneficially owned by clients and the Company does not direct the investing activities. Services provided relating to assets under administration includes recordkeeping, safekeeping, collecting investment income, settling of transactions or other administrative services. Administrative services are an important aspect of the overall business of the Company and should be considered when comparing volumes, size and trends.


CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)

(in Canadian $ millions except per share amounts)






For the three months ended


For the six months ended


June 30

2016

March 31

2016

June 30
2015


June 30

2016

June 30

2015








Income








Premium income









Gross premiums written

$

7,834

$

7,926

$

6,410


$

15,760

$

14,216



Ceded premiums

(963)

(911)

(894)


(1,874)

(1,768)


Total net premiums

6,871

7,015

5,516


13,886

12,448


Net investment income









Regular net investment income

1,576

1,673

1,519


3,249

3,055



Changes in fair value through profit or loss

3,129

2,410

(4,037)


5,539

(1,084)


Total net investment income

4,705

4,083

(2,518)


8,788

1,971


Fee and other income

1,231

1,254

1,226


2,485

2,484


12,807

12,352

4,224


25,159

16,903

Benefits and expenses








Policyholder benefits









Gross

6,143

6,642

5,127


12,785

10,767



Ceded

(501)

(472)

(490)


(973)

(973)


Total net policyholder benefits

5,642

6,170

4,637


11,812

9,794


Policyholder dividends and experience refunds

381

369

374


750

755


Changes in insurance and investment contract









liabilities

4,012

3,139

(3,423)


7,151

928


Total paid or credited to policyholders

10,035

9,678

1,588


19,713

11,477


Commissions

599

566

554


1,165

1,069


Operating and administrative expenses

1,161

1,208

1,081


2,369

2,159


Premium taxes

98

92

80


190

164


Financing charges

75

78

75


153

152


Amortization of finite life intangible assets

44

46

37


90

73


Restructuring and acquisition expenses

5

4

14


9

21

Earnings before income taxes

790

680

795


1,470

1,788

Income taxes

76

24

86


100

310

Net earnings before non-controlling interests

714

656

709


1,370

1,478

Attributable to non-controlling interests

13

5

19


18

56

Net earnings

701

651

690


1,352

1,422

Preferred share dividends

30

31

31


61

63

Net earnings - common shareholders

$

671

$

620

$

659


$

1,291

$

1,359








Earnings per common share








Basic

$

0.675

$

0.625

$

0.661


$

1.300

$

1.363


Diluted

$

0.674

$

0.623

$

0.659


$

1.298

$

1.359


CONSOLIDATED BALANCE SHEETS (unaudited)

(in Canadian $ millions)






June 30
2016


December 31
2015 (1)

Assets




Cash and cash equivalents

$

3,068


$

2,813

Bonds

114,802


114,943

Mortgage loans

21,573


22,021

Stocks

8,390


7,873

Investment properties

4,377


5,237

Loans to policyholders

8,403


8,694


160,613


161,581

Funds held by ceding insurers

12,418


15,512

Goodwill

5,885


5,913

Intangible assets

3,859


4,036

Derivative financial instruments

645


461

Owner occupied properties

633


653

Fixed assets

294


298

Other assets   

2,460


2,643

Premiums in course of collection, accounts and interest receivable

3,844


3,553

Reinsurance assets

4,936


5,131

Current income taxes

115


69

Deferred tax assets

1,824


1,891

Investments on account of segregated fund policyholders

192,725


198,194

Total assets

$

390,251


$

399,935





Liabilities




Insurance contract liabilities

$

155,633


$

158,492

Investment contract liabilities

2,076


2,253

Debentures and other debt instruments

5,204


5,395

Capital trust securities

161


161

Funds held under reinsurance contracts

313


356

Derivative financial instruments

2,087


2,624

Accounts payable

2,080


1,755

Other liabilities                             

3,788


3,367

Current income taxes

561


492

Deferred tax liabilities

1,422


1,586

Investment and insurance contracts on account of segregated fund policyholders

192,725


198,194

Total liabilities

366,050


374,675





Equity




Non-controlling interests





Participating account surplus in subsidiaries

2,626


2,611


Non-controlling interests in subsidiaries

192


195

Shareholders' equity





Share capital






Preferred shares                                           

2,514


2,514



Common shares

7,156


7,156

Accumulated surplus

10,956


10,431

Accumulated other comprehensive income

632


2,218

Contributed surplus

125


135

Total equity

24,201


25,260

Total liabilities and equity

$

390,251


$

399,935







(1) 

Certain comparative figures have been reclassified as described in note 16 to the Company's June 30, 2016 condensed consolidated interim unaudited financial statements.

Segmented Information (unaudited)

Consolidated Net Earnings


For the three months ended June 30, 2016


Canada


United

States


Europe


Lifeco

Corporate


Total

Income











Total net premiums

$

2,896


$

1,267


$

2,708


$


$

6,871


Net investment income












Regular net investment income

665


420


487


4


1,576



Changes in fair value through profit or loss

940


526


1,663



3,129


Total net investment income

1,605


946


2,150


4


4,705


Fee and other income

369


555


307



1,231


4,870


2,768


5,165


4


12,807











Benefits and expenses











Paid or credited to policyholders

3,632


1,996


4,407



10,035


Other (1)

833


645


374


6


1,858


Financing charges

26


35


11


3


75


Amortization of finite life intangible assets

17


20


7



44


Restructuring and acquisition expenses


4


1



5

Earnings (loss) before income taxes

362


68


365


(5)


790

Income taxes (recovery)

23


12


46


(5)


76

Net earnings (loss) before non-controlling











interests                                                        

339


56


319



714

Non-controlling interests

11


1


1



13

Net earnings (loss)

328


55


318



701

Preferred share dividends

26



4



30

Net earnings (loss) before capital allocation

302


55


314



671

Impact of capital allocation

25


(2)


(21)


(2)


Net earnings (loss) - common shareholders

$

327


$

53


$

293


$

(2)


$

671
















(1)  Includes commissions, operating and administrative expenses and premium taxes.



For the three months ended June 30, 2015


Canada


United

States


Europe


Lifeco

Corporate


Total

Income











Total net premiums

$

2,839


$

905


$

1,772


$


$

5,516


Net investment income












Regular net investment income

630


390


498


1


1,519



Changes in fair value through profit or loss

(1,181)


(566)


(2,290)



(4,037)


Total net investment income

(551)


(176)


(1,792)


1


(2,518)


Fee and other income

366


577


283



1,226


2,654


1,306


263


1


4,224











Benefits and expenses











Paid or credited to policyholders

1,460


543


(415)



1,588


Other (1)

775


614


322


4


1,715


Financing charges

29


35


10


1


75


Amortization of finite life intangible assets

15


18


4



37


Restructuring and acquisition expenses


3


11



14

Earnings (loss) before income taxes

375


93


331


(4)


795

Income taxes (recovery)

47


22


18


(1)


86

Net earnings (loss) before non-controlling











interests

328


71


313


(3)


709

Non-controlling interests

16


2


1



19

Net earnings (loss)

312


69


312


(3)


690

Preferred share dividends

26



5



31

Net earnings (loss) before capital allocation

286


69


307


(3)


659

Impact of capital allocation

22


(2)


(18)


(2)


Net earnings (loss) - common shareholders

$

308


$

67


$

289


$

(5)


$

659
















(1)  Includes commissions, operating and administrative expenses and premium taxes.



For the six months ended June 30, 2016


Canada


United

States


Europe


Lifeco

Corporate


Total

Income











Total net premiums

$

5,757


$

2,647


$

5,482


$


$

13,886


Net investment income












Regular net investment income

1,401


874


970


4


3,249



Changes in fair value through profit or loss

1,477


1,007


3,055



5,539


Total net investment income

2,878


1,881


4,025


4


8,788


Fee and other income

731


1,126


628



2,485


9,366


5,654


10,135


4


25,159











Benefits and expenses











Paid or credited to policyholders

6,933


4,108


8,672



19,713


Other (1)

1,650


1,331


733


10


3,724


Financing charges

55


72


23


3


153


Amortization of finite life intangible assets

33


42


15



90


Restructuring and acquisition expenses


7


2



9

Earnings (loss) before income taxes

695


94


690


(9)


1,470

Income taxes (recovery)

74


(28)


59


(5)


100

Net earnings (loss) before non-controlling











interests

621


122


631


(4)


1,370

Non-controlling interests

16


2




18

Net earnings (loss)

605


120


631


(4)


1,352

Preferred share dividends

52



9



61

Net earnings (loss) before capital allocation

553


120


622


(4)


1,291

Impact of capital allocation

50


(4)


(42)


(4)


Net earnings (loss) - common shareholders

$

603


$

116


$

580


$

(8)


$

1,291
















(1)  Includes commissions, operating and administrative expenses and premium taxes.



For the six months ended June 30, 2015


Canada


United

States


Europe


Lifeco

Corporate


Total

Income









Total net premiums

$

5,506


$

1,634


$

5,308


$


$

12,448


Net investment income










Regular net investment income

1,259


785


1,011



3,055



Changes in fair value through profit or loss

195


(334)


(945)



(1,084)


Total net investment income

1,454


451


66



1,971


Fee and other income

724


1,150


610



2,484


7,684


3,235


5,984



16,903









Benefits and expenses









Paid or credited to policyholders

5,225


1,664


4,588



11,477


Other (1)

1,538


1,200


646


8


3,392


Financing charges

58


71


22


1


152


Amortization of finite life intangible assets

29


35


9



73


Restructuring and acquisition expenses


4


17



21

Earnings (loss) before income taxes

834


261


702


(9)


1,788

Income taxes (recovery)

170


66


76


(2)


310

Net earnings (loss) before non-controlling











interests

664


195


626


(7)


1,478

Non-controlling interests

49


4


3



56

Net earnings (loss)

615


191


623


(7)


1,422

Preferred share dividends

52



11



63

Net earnings (loss) before capital allocation

563


191


612


(7)


1,359

Impact of capital allocation

44


(3)


(37)


(4)


Net earnings (loss) - common shareholders

$

607


$

188


$

575


$

(11)


$

1,359
















(1) Includes commissions, operating and administrative expenses and premium taxes.

SOURCE Great-West Lifeco Inc.

For further information: Media Contact: Marlene Klassen, APR, 204-946-7705, Email: marlene.klassen@gwl.ca; Investor Relations Contact: Wendi Thiessen, 204-946-7452, Email: wendi.thiessen@gwl.ca

RELATED LINKS
www.greatwestlifeco.com

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