Great-West Lifeco reports third quarter 2015 results

Nouvelles fournies par

05 nov, 2015, 11:39 ET

TSX:GWO

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.

TORONTO, Nov. 5, 2015 /CNW/ - Great-West Lifeco Inc. (Lifeco) has reported net earnings attributable to common shareholders of $720 million or $0.724 per common share for the three months ended September 30, 2015 compared to $687 million or $0.687 per common share for the same period in 2014, an increase of 5%.

For the nine months ended September 30, 2015, net earnings attributable to common shareholders were $2,079 million, compared to $1,889 million for the same period in 2014. This represents $2.086 per common share for the nine months ended September 30, 2015, compared to $1.891 per common share for the same period in 2014, an increase of 10%.

Consolidated assets under administration at September 30, 2015 grew to approximately $1.2 trillion, up $91 billion from December 31, 2014.

Highlights - In Quarter

Total Company sales in the third quarter of 2015 of $36.5 billion were up 71% from the same quarter in 2014:

Canada sales were $2.9 billion, up 7%, reflecting strong sales across all lines of business.
Europe sales were $7.7 billion, up 165%, primarily due to Irish Life Investment Managers' completion of new fund mandates during the quarter.
Great-West Financial sales were US$11.9 billion, up 93%, primarily due to an increase in large plan sales in Empower Retirement.
Putnam gross sales were US$7.8 billion, down 5% overall. Institutional sales increased 27%, while mutual fund sales decreased by 22%, reflective of the decline in industry flows in the segments where Putnam operates.

The Company maintained a strong ROE of 15.2% based on net earnings.
The Company's capital position remained very strong. The Great-West Life Assurance Company reported a Minimum Continuing Capital Surplus Requirements (MCCSR) ratio of 234% at September 30, 2015.
The Company declared a quarterly common dividend of $0.3260 per common share payable December 31, 2015.

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.

CANADA
The Canada segment of Lifeco includes the operating results of the Canadian businesses operated by Great-West Life, London Life and Canada Life, together with an allocation of a portion of Lifeco's corporate results. The three primary business units included in this segment are Individual Insurance, Wealth Management and Group Insurance. The Company provides accumulation, annuity, life, disability and critical illness insurance products to individual and group clients.

Net earnings attributable to common shareholders for the third quarter of 2015 were $326 million compared to $330 million in the third quarter of 2014. For the nine months ended September 30, 2015, net earnings attributable to common shareholders were $933 million compared to $928 million for the same period in 2014.

Total sales in the third quarter of 2015 were $2.9 billion, up from $2.7 billion in the third quarter of 2014, reflecting strong sales in Individual Insurance, Wealth Management and Group Insurance. Total sales for the nine months ended September 30, 2015 were $9.1 billion compared to $8.9 billion for the same period in 2014.

Total Canada segment assets under administration at September 30, 2015 were $164 billion, compared to $161 billion at December 31, 2014.

UNITED STATES
The United States operating results for Lifeco include the results of Great-West Financial, Putnam and the insurance businesses in the United States branches of Great-West Life and Canada Life, together with an allocation of a portion of Lifeco's corporate results.

Great-West Financial, through the Empower Retirement brand, provides an array of financial security products, including employer-sponsored defined contribution plans, administrative and record-keeping services, individual retirement accounts, fund management and investment and advisory services. It also provides life insurance, annuity products and executive benefits products. Putnam provides investment management, certain administrative functions, distributions and related services through a broad range of investment products.

Net earnings attributable to common shareholders for the third quarter of 2015 were $96 million, reflecting Great-West Financial net earnings of $104 million and a net loss of $8 million for Putnam, compared to $107 million in the third quarter of 2014. For the nine months ended September 30, 2015, net earnings attributable to common shareholders were $284 million compared to $217 million for the same period in 2014.

Great-West Financial sales in the third quarter of 2015 were US$11.9 billion, up from US$6.2 billion in the third quarter of 2014, primarily due to an increase in large plan sales in Empower Retirement. Sales for the nine months ended September 30, 2015 were US$27.7 billion compared to US$11.3 billion in 2014.

Putnam average assets under management for the three months ended September 30, 2015 were US$153.3 billion, a decrease of 3% for the same period in 2014 due to a sharp decline in markets. For the nine months ended September 30, 2015, Putnam average assets under management increased 2% to US$157.3 billion compared to the same period in 2014. Net asset inflows for the third quarter of 2015 were US$0.1 billion compared to net asset outflows of US$1.8 billion for the second quarter of 2015.

Total United States segment assets under administration at September 30, 2015 were $759 billion compared to $697 billion at December 31, 2014.

EUROPE
The Europe segment comprises two distinct business units: Insurance & Annuities and Reinsurance, together with an allocation of Lifeco's corporate results. Insurance & Annuities provides protection and wealth management products including payout annuities, through subsidiaries of Canada Life in the U.K., Isle of Man and Germany, and through Irish Life in Ireland. Reinsurance operates primarily in the U.S., Barbados and Ireland, and is conducted through Canada Life, London Life and their subsidiaries.

Net earnings attributable to common shareholders for the third quarter of 2015 were $296 million, up 14% compared to $259 million in the third quarter of 2014. For the nine months ended September 30, 2015, net earnings attributable to common shareholders were $871 million compared to $764 million for the same period in 2014.

Insurance & Annuities sales for the third quarter of 2015 were $7.7 billion, compared to $2.9 billion a year ago, an increase of 165%, primarily due to higher fund management sales in Ireland. Sales for the nine months ended September 30, 2015 were $15.6 billion compared to $9.2 billion for the same period in 2014. The increase was primarily due to the acquisition of Equitable Life's annuity business in the first quarter of 2015 and higher fund management sales in Ireland.

Total Europe segment assets under administration at September 30, 2015 were $231 billion, up from $205 billion at December 31, 2014.

LIFECO CORPORATE
The Lifeco Corporate segment includes operating results for activities of Lifeco that are not associated with the major business units of the Company.

Lifeco Corporate segment net earnings attributable to common shareholders was $2 million in the third quarter of 2015 compared to a net loss of $9 million in the third quarter of 2014. For the nine months ended September 30, 2015, the net earnings attributable to common shareholders were a net loss of $9 million compared to a net loss of $20 million for the same period in 2014.

QUARTERLY DIVIDENDS
At its meeting today, the Board of Directors approved a quarterly dividend of $0.3260 per share on the common shares of the Company payable December 31, 2015 to shareholders of record at the close of business December 3, 2015.

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 L First Preferred Shares of $0.353125 per share;
Series M First Preferred Shares of $0.36250 per share;
Series N First Preferred Shares of $0.228125 per share;
Series P First Preferred Shares of $0.3375 per share;
Series Q First Preferred Shares of $0.321875 per share;
Series R First Preferred Shares of $0.3000 per share; and
Series S First Preferred Shares of $0.328125 per share

all payable December 31, 2015 to shareholders of record at the close of business December 3, 2015.

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. Great-West 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. Great-West Lifeco and its companies have $1.2 trillion in consolidated 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" and similar expressions or negative versions thereof. 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 actions by the Company, including statements made with respect to the expected benefits of acquisitions and divestitures, are also forward-looking statements. Forward-looking statements are based on expectations and projections 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 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. 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 the Company's operations will continue substantially in their current state, including, without limitation, with respect to market prices for products provided, sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy lapse rates, reinsurance, taxes, inflation, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, investment values, global equity and capital markets, business competition, continuity and availability of personnel and third party service providers, the Company's ability to complete strategic transactions and integrate acquisitions and that there will be no unplanned material changes to the Company's facilities, customer and employee relations or credit arrangements. Many of these assumptions are based on factors and events that are not within the control of the Company 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 technological change, 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 and catastrophic events. 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 the Company's 2014 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 carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, the Company 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. Please refer to the appropriate reconciliations of these non-IFRS financial measures to measures prescribed by IFRS.

Further information
Selected financial information is attached.

Great-West Lifeco's third quarter conference call and audio webcast will be held November 5, 2015 at 2:00 p.m. (ET). The call and webcast can be accessed through www.greatwestlifeco.com or by phone at:

Participants in the Toronto area: 416-340-2216
Participants from North America: 1-800-355-4959
For International participants: Look up the dial-in information for your location here:
https://www.confsolutions.ca/ILT?oss=1P49R8003554959

A replay of the call will be available from November 5, 2015 to November 12, 2015, and can be accessed by calling 1-800-408-3053 or 905-694-9451 in Toronto (passcode: 8784372). The archived webcast will be available on www.greatwestlifeco.com from November 5, 2015 to November 4, 2016.

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 nine months ended
			September 30 2015		June 30 2015		September 30 2014⁽²⁾⁽⁴⁾		September 30 2015		September 30 2014⁽²⁾
Premiums and deposits:
	Net premium income (Life insurance,
		guaranteed annuities and insured health
		products)	$	5,891	$	5,516	$	4,690	$	18,339	$	15,721
	Policyholder deposits (segregated funds):
		Individual products		3,157		3,031		2,865		9,169		8,641
		Group products		2,738		1,835		1,824		6,608		7,128
	Self-funded premium equivalents
		(Administrative services only contracts)⁽¹⁾		639		659		633		1,960		1,949
	Proprietary mutual funds and institutional
		deposits⁽¹⁾⁽²⁾		16,807		11,032		10,690		40,777		32,577
Total premiums and deposits⁽¹⁾				29,232		22,073		20,702		76,853		66,016

Fee and other income				1,241		1,226		1,092		3,725		3,261
Paid or credited to policyholders⁽³⁾				5,833		1,588		5,966		17,310		21,035

Earnings
Net earnings - common shareholders			$	720	$	659	$	687	$	2,079	$	1,889
	Per common share
		Basic earnings		0.724		0.661		0.687		2.086		1.891
		Dividends paid		0.3260		0.3260		0.3075		0.9780		0.9225
		Book value⁽⁴⁾		19.40		18.28		16.36

Return on common shareholders' equity⁽⁴⁾⁽⁵⁾
	Operating earnings⁽⁶⁾			15.2%		15.7%		15.1%
	Net earnings			15.2%		15.7%		16.5%

Total assets⁽⁴⁾			$	389,935	$	376,428	$	349,041
	Proprietary mutual funds and institutional net
		assets⁽⁷⁾		239,050		232,168		207,451
Total assets under management⁽⁴⁾⁽⁷⁾				628,985		608,596		556,492
	Other assets under administration⁽⁸⁾			524,813		539,259		465,264
Total assets under administration⁽⁴⁾			$	1,153,798	$	1,147,855	$	1,021,756
Total equity⁽⁴⁾			$	24,534	$	23,470	$	21,448

⁽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⁾	Comparative figures for premiums and deposits (a non-IFRS financial measure) have been restated for consistency across the Company's business units.
⁽³⁾	Paid or credited to policyholders includes the impact of changes in fair values of assets supporting insurance and investment contract liabilities.
⁽⁴⁾	Comparative figures have been adjusted as described in note 2 to the Company's condensed consolidated interim unaudited financial statements for the period ended September 30, 2015.
⁽⁵⁾	Return on shareholders' equity is detailed within the "Capital Allocation Methodology" section of the Company's September 30, 2015 Management's Discussion and Analysis.
⁽⁶⁾	Operating earnings (a non-IFRS financial measure) excludes the impact of certain litigation provisions described in note 32 to the Company's December 31, 2014 consolidated annual audited financial statements.
⁽⁷⁾	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.
⁽⁸⁾	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 nine months ended
			September 30		June 30		September 30		September 30			September 30
			2015		2015		2014		2015			2014

Income
	Premium income
		Gross premiums written	$	6,796	$	6,410	$	5,527	$		21,012	$	18,284
		Ceded premiums		(905)		(894)		(837)			(2,673)		(2,563)
	Total net premiums			5,891		5,516		4,690			18,339		15,721
	Net investment income
		Regular net investment income		1,546		1,519		1,479			4,601		4,494
		Changes in fair value through profit or loss		(82)		(4,037)		1,190			(1,166)		4,982
	Total net investment income			1,464		(2,518)		2,669			3,435		9,476
	Fee and other income			1,241		1,226		1,092			3,725		3,261
				8,596		4,224		8,451			25,499		28,458
Benefits and expenses
	Policyholder benefits
		Insurance and investment contracts
		Gross		5,726		5,127		4,635			16,493		14,028
		Ceded		(481)		(490)		(464)			(1,454)		(1,415)
	Total net policyholder benefits			5,245		4,637		4,171			15,039		12,613
	Policyholder dividends and experience refunds			401		374		381			1,156		1,127
	Changes in insurance and investment contract liabilities			187		(3,423)		1,414			1,115		7,295
	Total paid or credited to policyholders			5,833		1,588		5,966			17,310		21,035

	Commissions			565		554		519			1,634		1,570
	Operating and administrative expenses			1,132		1,081		888			3,291		2,736
	Premium taxes			83		80		85			247		253
	Financing charges			78		75		75			230		227
	Amortization of finite life intangible assets			36		37		33			109		98
	Restructuring and acquisition expenses			7		14		10			28		25
Earnings before income taxes				862		795		875			2,650		2,514
Income taxes				84		86		135			394		464
Net earnings before non-controlling interests				778		709		740			2,256		2,050
Attributable to non-controlling interests				26		19		20			82		70
Net earnings				752		690		720			2,174		1,980
Preferred share dividends				32		31		33			95		91
Net earnings - common shareholders			$	720	$	659	$	687		$	2,079	$	1,889

Earnings per common share
	Basic		$	0.724	$	0.661	$	0.687		$	2.086	$	1.891
	Diluted		$	0.722	$	0.659	$	0.686		$	2.081	$	1.889

CONSOLIDATED BALANCE SHEETS (unaudited)

(in Canadian $ millions)

September 30

December 31

2015

2014

Assets

Cash and cash equivalents

3,713

2,498

Bonds

112,259

103,168

Mortgage loans

21,704

20,546

Stocks

7,919

7,820

Investment properties

5,224

4,613

Loans to policyholders

8,574

7,711

159,393

146,356

Funds held by ceding insurers

14,366

12,154

Goodwill

5,908

5,855

Intangible assets

3,953

3,625

Derivative financial instruments

494

652

Owner occupied properties

646

619

Fixed assets

279

228

Reinsurance assets

5,572

5,151

Premiums in course of collection, accounts and interest
receivable

3,663

3,056

Other assets

2,636

2,368

Current income taxes

114

Deferred tax assets

1,888

1,631

Investments on account of segregated fund policyholders

191,023

174,966

Total assets

389,935

356,709

Liabilities

Insurance contract liabilities

157,451

145,198

Investment contract liabilities

875

857

Debentures and other debt instruments

5,283

5,355

Funds held under reinsurance contracts

346

313

Derivative financial instruments

2,485

1,195

Accounts payable

2,188

1,480

Other liabilities

3,357

3,099

Current income taxes

559

737

Deferred tax liabilities

1,672

1,450

Capital trust debentures

162

162

Investment and insurance contracts on account of
segregated fund policyholders

191,023

174,966

Total liabilities

365,401

334,812

Equity

Non-controlling interests

Participating account surplus in subsidiaries

2,569

2,480

Non-controlling interests in subsidiaries

187

163

Shareholders' equity

Share capital

Preferred shares

2,514

2,514

Common shares

7,143

7,102

Accumulated surplus

10,069

9,134

Accumulated other comprehensive income

1,929

378

Contributed surplus

123

126

Total equity

24,534

21,897

Total liabilities and equity

389,935

356,709

Segmented Information (unaudited)
Consolidated Net Earnings

For the three months ended September 30, 2015
		Canada		United States		Europe		Lifeco Corporate		Total
Income
Total net premiums		$	2,774	$	1,076	$	2,041	$	—	$	5,891
Net investment income
	Regular net investment income	599		420		523		4		1,546
	Changes in fair value through profit or loss	(546)		122		342		—		(82)
Total net investment income		53		542		865		4		1,464
Fee and other income		366		591		284		—		1,241
		3,193		2,209		3,190		4		8,596

Benefits and expenses
	Paid or credited to policyholders	1,967		1,390		2,476		—		5,833
	Other ⁽¹⁾	786		641		349		4		1,780
	Financing charges	29		36		13		—		78
	Amortization of finite life intangible assets	14		17		5		—		36
	Restructuring and acquisition expenses	—		4		3		—		7
Earnings before income taxes		397		121		344		—		862
Income taxes (recovery)		45		19		24		(4)		84
Net earnings before non-controlling interests		352		102		320		4		778
Non-controlling interests		22		4		—		—		26
Net earnings		330		98		320		4		752
Preferred share dividends		26		—		6		—		32
Net earnings before capital allocation		304		98		314		4		720
Impact of capital allocation		22		(2)		(18)		(2)		—
Net earnings - common shareholders		$	326	$	96	$	296	$	2	$	720

⁽¹⁾

Includes commissions, operating and administrative expenses and premium taxes.

For the three months ended September 30, 2014
			Canada		United States		Europe			Lifeco Corporate		Total
Income
	Total net premiums		$	2,655	$	1,028	$	1,007		$	—	$	4,690
	Net investment income
		Regular net investment income	629		340		511			(1)		1,479
		Changes in fair value through profit or loss	166		(58)		1,082			—		1,190
	Total net investment income		795		282		1,593			(1)		2,669
	Fee and other income		360		443		289			—		1,092
			3,810		1,753		2,889			(1)		8,451

Benefits and expenses
	Paid or credited to policyholders		2,617		1,079		2,270			—		5,966
	Other ⁽¹⁾		726		466		297			3		1,492
	Financing charges		29		35		11			—		75
	Amortization of finite life intangible assets		15		13		5			—		33
	Restructuring and acquisition expenses		—		3		7			—		10
Earnings (loss) before income taxes			423		157		299			(4)		875
Income taxes			77		45		13			—		135
Net earnings (loss) before non-controlling interests			346		112		286			(4)		740
Non-controlling interests			18		1		1			—		20
Net earnings (loss)			328		111		285			(4)		720
Preferred share dividends			23		—		6			4		33
Net earnings (loss) before capital allocation			305		111		279			(8)		687
Impact of capital allocation			25		(4)		(20)		(1)			—
Net earnings (loss) - common shareholders			$	330	$	107	$	259		$	(9)	$	687

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

For the nine months ended September 30, 2015

Canada

United
States

Europe

Lifeco
Corporate

Total

Income

Total net premiums

8,280

2,710

7,349

—

18,339

Net investment income

Regular net investment income

1,858

1,205

1,534

4,601

Changes in fair value through profit or loss

(351)

(212)

(603)

—

(1,166)

Total net investment income

1,507

993

931

3,435

Fee and other income

1,090

1,741

894

—

3,725

10,877

5,444

9,174

25,499

Benefits and expenses

Paid or credited to policyholders

7,192

3,054

7,064

—

17,310

Other ⁽¹⁾

2,324

1,841

995

5,172

Financing charges

107

230

Amortization of finite life intangible assets

—

109

Restructuring and acquisition expenses

—

Earnings (loss) before income taxes

1,231

382

1,046

(9)

2,650

Income taxes (recovery)

215

100

(6)

394

Net earnings (loss) before non-controlling interests

1,016

297

946

(3)

2,256

Non-controlling interests

—

Net earnings (loss)

945

289

943

(3)

2,174

Preferred share dividends

—

Net earnings (loss) before capital allocation

867

289

926

(3)

2,079

Impact of capital allocation

(5)

(55)

(6)

—

Net earnings (loss) - common shareholders

933

284

871

(9)

2,079

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

For the nine months ended September 30, 2014
			Canada		United States		Europe		Lifeco Corporate		Total
Income
	Total net premiums		$	8,044	$	2,672	$	5,005	$	—	$	15,721
	Net investment income
		Regular net investment income	1,910		1,049		1,538		(3)		4,494
		Changes in fair value through profit or loss	1,893		567		2,522		—		4,982
	Total net investment income		3,803		1,616		4,060		(3)		9,476
	Fee and other income		1,060		1,298		903		—		3,261
			12,907		5,586		9,968		(3)		28,458

Benefits and expenses
	Paid or credited to policyholders		9,349		3,672		8,014		—		21,035
	Other ⁽¹⁾		2,169		1,438		939		13		4,559
	Financing charges		87		105		35		—		227
	Amortization of finite life intangible assets		41		42		15		—		98
	Restructuring and acquisition expenses		—		3		22		—		25
Earnings (loss) before income taxes			1,261		326		943		(16)		2,514
Income taxes (recovery)			272		93		102		(3)		464
Net earnings (loss) before non-controlling interests			989		233		841		(13)		2,050
Non-controlling interests			64		4		2		—		70
Net earnings (loss)			925		229		839		(13)		1,980
Preferred share dividends			70		—		17		4		91
Net earnings (loss) before capital allocation			855		229		822		(17)		1,889
Impact of capital allocation			73		(12)		(58)		(3)		—
Net earnings (loss) - common shareholders			$	928	$	217	$	764	$	(20)	$	1,889

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

SOURCE Great-West Lifeco Inc.

Marlene Klassen, APR
Assistant Vice-President, Communication Services
204-946-7705

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