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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.
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.
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 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 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, 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 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.
For the three months ended |
For the years ended |
||||
---|---|---|---|---|---|
(In millions of canadian dollars, except per share amounts or as otherwise noted) |
Sept. 30 |
June 30 |
Sept. 30 |
Dec. 31 |
Dec. 31 |
Earnings |
|||||
Net earnings — common shareholders |
826 |
863 |
730 | 2,359 |
2,961 |
Base earnings — common shareholders(1)(2) | 679 |
706 |
677 | 2,704 |
2,380 |
Per common share |
|||||
Net earnings |
0.891 |
0.930 |
0.786 | 2.494 |
2.996 |
Base earnings(1)(2) |
0.732 |
0.761 |
0.729 | 2.859 |
2.408 |
Dividends paid |
0.438 | 0.438 | 0.413 | 1.652 |
1.556 |
Book value |
22.57 |
21.98 |
21.02 | 21.53 |
22.08 |
Return on common shareholders’ equity(1)(3) |
12.4% |
12.1% |
12.4% | 11.7% |
14.0% |
Base return on common shareholders’ equity(1)(2)(3) |
13.5% | 13.7% | 12.1% | 13.3% |
11.3% |
Total premiums and deposits(1) |
40,827 |
43,076 |
36,417 | 150,638 |
139,262 |
Fee and other income |
1,486 |
1,406 |
1,496 | 7,081 |
5,819 |
Net policyholder benefits, dividends and experience refunds |
9,155 |
9,659 |
8,468 | 36,415 |
31,566 |
Total assets |
473,737 |
457,996 |
446,626 | 451,167 |
427,689 |
Proprietary mutual funds and institutional net assets(1) |
341,436 |
315,326 |
308,425 | 320,548 |
281,664 |
Total assets under management(1) |
815,173 |
773,322 |
755,051 | 771,715 |
709,353 |
Other assets under administration(1) |
845,862 |
889,929 |
841,700 | 857,966 |
689,520 |
Total assets under administration(1) |
1,661,035 |
1,663,251 |
1,596,751 | 1,629,681 |
1,398,873 |
Total equity |
26,648 |
26,109 |
25,157 | 25,543 |
27,398 |
The Canada Life Assurance Company consolidated LICAT Ratio(4) |
131% |
132% |
139% | 135% | 140% |
(1) This is a non-IFRS measure. Refer to the “Non-IFRS Financial Measures” section of Lifeco’s most recent Management’s Discussion and Analysis for additional details.
(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 and investment contract liabilities net of hedging, and related deferred tax liabilities, 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 net gains, losses or costs related to the disposition or acquisition 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 Canada 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] |
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.