Great-West Lifeco statement on Washington Mutual Investment Exposure



    
    Readers are referred to the cautionary note regarding Forward-Looking
    Information and Non-GAAP Financial Measures at the end of this
    release.

    TSX:GWO
    

    WINNIPEG, Sept. 26, 2008 /CNW/ - In response to events concerning
Washington Mutual, Great-West Lifeco Inc. (Lifeco) today confirmed that it
holds C$2.1 million par value of fixed income securities of Washington Mutual
Inc.
    Lifeco also clarified today that its holdings of securities issued by
Washington Mutual as reported by Lifeco in its United States regulatory (NAIC)
filings include mortgage-backed securities that had been packaged and serviced
by a subsidiary of Washington Mutual. These securities do not expose Lifeco to
the credit of Washington Mutual.

    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 more than $392 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, and possible future Company action is also a
forward-looking statement. 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, 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 listed in other filings with securities regulators, including
factors set out under "Risk Management and Control Practices" in the Company's
2007 Annual Management's Discussion and Analysis, which, along with other
filings, is 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-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
"earnings before restructuring charges", "adjusted net income", "earnings
before adjustments", "net income on a 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.





For further information:

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


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