WINNIPEG, Nov. 4, 2011 /CNW/ - The Court of Appeal for Ontario has
released a decision in regard to the involvement of the participating
accounts of Great-West Lifeco subsidiaries London Life Insurance
Company and The Great-West Life Assurance Company in the financing of
the acquisition of London Insurance Group in 1997.
The Court of Appeal upheld that participating policyholders were treated
fairly and that there was no impact on their dividends. The Court of
Appeal also confirmed that it was reasonable for the participating
accounts to contribute to the acquisition in order to receive benefits.
The Court of Appeal made adjustments to the original trial judgment. The
impact is expected to be favourable to the Company's overall financial
position. Any monies to be returned to the participating accounts will
be dealt with in accordance with the companies' participating
policyholder dividend policies in the ordinary course of business. No
awards are to be paid out to individual class members.
The decision will have no impact on participating policy contract terms
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 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. Great-West Lifeco and its companies have over $497 billion in
assets under administration, and are members of the Power Financial
Corporation group of companies.
Assets as of June 30, 2011
SOURCE Great-West Lifeco Inc.
For further information:
Marlene Klassen, APR
Assistant Vice-President, Communication Services