logo Great-West Lifeco

Great-West Lifeco Inc. (Lifeco) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.

Lifeco has operations in Canada, the United States and Europe through Canada Life, Irish Life, Empower Retirement, Putnam Investments and PanAgora Asset Management.

Great-West Lifeco Website

Latest reports
2019 Annual Report
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1st Quarter Report 2020
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Subsidiaries and investments

Welcome to the new Canada Life

Welcome to the new Canada Life

On January 1, 2020, Great-West Life, London Life and Canada Life and their holding companies amalgamated into a single life insurance company – the Canada Life Assurance CompanyTM. Learn more here.

Canada Life

Canada Life

Founded in 1847, The Canada Life Assurance Company was Canada’s first domestic life insurance company. Canada Life provides insurance and wealth management products and services in Canada, the United Kingdom, Isle of Man and Germany, and in Ireland through Irish Life.

In Canada, Canada Life offers a wide range of insurance and wealth management products for individuals, families and business owners.

Canada Life is also a leading provider of creditor insurance through leading financial institutions and other lending institutions.

In Europe, Canada Life and Irish Life provide individuals and their families with a broad range of protection and wealth management products.

Canada Life is a leading provider of longevity reinsurance solutions for life insurers in the U.S. and in international markets.

Today, Canada Life proudly serves more than 13 million customer relationships across Canada.

Empower Retirement

Empower Retirement

Empower Retirement is the second-largest U.S. retirement services provider by participants. It serves all segments of the employer-sponsored retirement plan market – small, mid-size and large corporate clients, government plans, non-profit entities and private-label recordkeeping clients – and offers individual retirement accounts.

Putnam Investments

Putnam Investments

Putnam Investments is a U.S.-based global asset manager, offering investment management services across a range of equity, fixed income, global asset allocation and alternative strategies, including absolute return, risk parity and hedge funds, for individuals and institutions. Putnam distributes those services largely through financial intermediaries via its offices and strategic alliances in North America, Europe and Asia.

PanAgora Asset Management

PanAgora Asset Management

PanAgora Asset Management, founded in 1989 and based in Boston, MA, is a quantitative investment manager of distinct and innovative equity, multi-asset and risk premia strategies that are designed to address the evolving objectives of institutional investors worldwide.

Irish Life

Irish Life

Irish Life is one of Ireland’s leading financial services companies with over 1.3 million customers.

For 80 years, Irish Life has been helping people in Ireland to look after their needs for life insurance, pensions and investments and more recently, health insurance. Its vision is to help people in Ireland to have healthier lives and to build better futures.

As part of Great-West Lifeco, Irish Life has access to experience and expertise on a global scale, allowing the company to continuously enhance its leading range of products and services. This also has been independently recognized with a number of customer experience awards in recent years.


Financial Highlights

 

For the three months ended

For the years ended

(In millions of canadian dollars, except per share amounts or as otherwise noted)
(unaudited)

March 31
2020

Dec. 31
2019

March 31
2019

Dec. 31
2019

Dec. 31
2018

Earnings

         

Net earnings — common shareholders

342 513 657 2,359

2,961

Base earnings — common shareholders(1)(2) 543 831 569 2,691

2,380

Per common share

         

Net earnings

0.369 0.552 0.665 2.494

2.996

Base earnings(1)(2)

0.585 0.895 0.576 2.845

2.408

Dividends paid

0.438 0.413 0.413 1.652

1.556

Book value

22.34 21.53 22.07 21.53

22.08

Return on common shareholders’ equity(3)

10.3% 11.7% 13.5% 11.7%

14.0%

Base return on common shareholders’ equity(1)(2)(3)

13.4% 13.3% 11.0% 13.3%

11.3%

Total premiums and deposits(1)

46,365 39,096 40,845 150,638

139,262

Fee and other income

1,441 1,515 1,479 7,081

5,819

Net policyholder benefits, dividends and experience refunds

9,429 10,003 8,987 36,415

31,566

Total assets

436,903 451,167 442,492 451,167

427,689

Proprietary mutual funds and institutional net assets(1)

288,309 320,548 304,230 320,548

281,664

Total assets under management(1)

725,212 771,715 746,722 771,715

709,353

Other assets under administration(1)

798,847 857,966 804,202 857,966

689,520

Total assets under administration(1)

1,524,059 1,629,681 1,550,924 1,629,681

1,398,873

Total equity

26,441 25,543 27,400 25,543

27,398

The Great-West Life Assurance Company consolidated Life Insurance Capital Adequacy Test Ratio(4)

133% 135% 140% 135% 140%

(1) This is a non-IFRS financial measure. Refer to the “Non-IFRS Financial Measures” section of Lifeco’s most recent Management’s Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.
(2) Effective the first quarter of 2020, Lifeco introduced an enhanced non-IFRS earnings measure. Base earnings (loss) are defined as net earnings excluding the impact of actuarial assumption changes and Lifeco’s management actions, direct equity and interest rate market impacts on insurance contract liabilities net of hedging, and items that Lifeco’s management believes are not indicative of Lifeco’s underlying business results. These items would include restructuring costs, material legal settlements, material impairment charges related to goodwill and intangible assets, legislative tax changes and other tax impairments, and gains or losses related to the disposition of a business. Refer to Lifeco’s most recent Management’s Discussion and Analysis for additional details on this non-IFRS measure. The comparative periods have been restated to reflect the introduction of this enhanced measure. 
(3) Refer to the “Return on Equity” section of Lifeco’s most recent Management’s Discussion and Analysis for additional details.
(4) The Life Insurance Capital Adequacy Test (LICAT) ratio is based on the consolidated results of The Great-West Life Assurance Company, Lifeco’s major Canadian operating subsidiary. Refer to the “Capital Management and Adequacy” section of Lifeco’s most recent Management’s Discussion and Analysis for additional details.

As at and for the years ended December 31 [in millions of Canadian dollars, except as otherwise noted]
(unaudited)

2019

2018

2017

2016

2015

Earnings

 

     

 

Net earnings — common shareholders

2,359

2,961 2,149 2,641

2,762

Per common share

         

Basic earnings

2.494

2.996 2.173 2.668

2.774

Dividends paid

1.652

1.556 1.468 1.384

1.304

Book value

21.53

22.08 20.11 19.76

20.06

Return on common shareholders’ equity(1)

11.7%

14.0% 10.9% 13.8%

14.7%

Total premiums and deposits(2)

150,638

139,262 123,104 117,466

104,975

Fee and other income

7,081

5,819 5,608 5,101

5,058

Net policyholder benefits, dividends and experience refunds

36,415

31,566 30,387 27,714

22,842

Total assets 

451,167

427,689 419,838 399,733

399,935

Proprietary mutual funds and institutional net assets(2)

320,548

281,664 278,954 259,215

252,480

Total assets under management(2)

771,715

709,353 698,792 658,948

652,415

Other assets under administration(2)

857,966

689,520 651,121 589,291

560,102

Total assets under administration(2)

1,629,681

1,398,873 1,349,913 1,248,239

1,212,517

Total equity

25,543

27,398 25,536 25,008

25,260

(1) Refer to the "Return on Equity" section of Lifeco’s most recent Management’s Discussion and Analysis for additional details.
(2) This is a non-IFRS financial measure. Refer to the "Non-IFRS Financial Measures" section of Lifeco’s most recent Management’s Discussion and Analysis for additional details.

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