Great-West Lifeco subsidiary assumes a large block of U.K. payout annuities

    Readers are referred to the cautionary note regarding Forward-Looking
    Information at the end of this Release.


    WINNIPEG, Feb. 14, 2008 /CNW/ - Great-West Lifeco Inc. today announced
that its indirect wholly-owned Irish reinsurance subsidiary, Canada Life
International Re Limited, has signed an agreement with Standard Life Assurance
Limited, a U.K. based provider of life, pension and investment products, to
assume by way of indemnity reinsurance, a large block of U.K. payout
annuities. The reinsurance transaction will increase policyholder liabilities
by approximately C$13 billion, with a corresponding increase in assets.
    The transaction is expected to be accretive to earnings in 2008 and in
subsequent years.
    "We are very pleased that Canada Life International Re is completing this
transaction, which capitalizes on our position in core European markets, and
continues our expansion in Europe," said Raymond L. McFeetors, President and
Chief Executive Officer of 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 corporation 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 approximately
$400 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 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, including the
statement made in this release by the Company in regards to the expectation
that the acquisition of the block of U.K. payout annuities will be accretive
to earnings in 2008 and subsequent years, are also forward-looking statements.
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
Corporation's Management Discussion and Analysis, which, along with other
filings, is available for review at 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.

For further information:

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

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