WINNIPEG, Oct. 26, 2017 /CNW/ - Great-West Lifeco Inc. today announced that it will record a reinsurance loss of $175 million after-tax or $0.177 per common share for estimated claims resulting from Hurricanes Harvey, Irma and Maria. The loss estimate will be included in the Company's third quarter 2017 results which will be reported on November 2, 2017.
The Company, through its subsidiary London Reinsurance Group Inc., offers property catastrophe coverage to reinsurance companies and as a result the Company is exposed to claims arising from major weather and other catastrophic events.
The Company's loss estimate is based on currently available information and may change as additional information becomes available.
"The devastation of these hurricanes was enormous and our thoughts are with the families and communities impacted by these catastrophic events," said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. "The insurance industry has a vital role to play in financing the recovery and rebuilding activities that are now underway and Great-West Lifeco will continue to support our clients and partners in managing through this difficult situation."
About 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 and Europe through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments. Great-West Lifeco and its companies have over Cdn $1.3 trillion in consolidated assets under administration as of June 30, 2017 and are members of the Power Financial Corporation group of companies. To learn more, visit www.greatwestlifeco.com.
SOURCE Great-West Lifeco Inc.
For further information: Media Relations: Tim Oracheski, Communications, 204-946-8961; Investor Relations: Deirdre Neary, Investor Relations, 416-552-3208