Subordinated debenture issue completed



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

    TSX:GWO

    WINNIPEG, June 21, 2007 /CNW/ - Great-West Lifeco Inc. (Lifeco) announced
today the completion of the offering of C$1 billion principal amount of
subordinated debentures of Great-West Lifeco Finance (Delaware) LP (GWLP), due
June 21, 2067. The obligations of GWLP under the debentures are guaranteed by
Lifeco on a subordinated basis.
    The debentures 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.

    Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company
with interests in the life insurance, health insurance, retirement savings,
and reinsurance businesses. The Corporation has operations in Canada, the
United States and Europe through The Great-West Life Assurance Company,
Great-West Life & Annuity Insurance Company, London Life Insurance Company,
and The Canada Life Assurance Company. Lifeco and its companies have more than
$216 billion in assets under administration. Great-West Lifeco is a member of
the Power Financial Corporation group of companies.





For further information:

For further information: Marlene Klassen, APR, FLMI, Director, Media &
Public Relations, (204) 946-7705


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