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

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2021 Annual Report
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1st Quarter Report 2022
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By the numbers

Subsidiaries and investments

Canada Life

Canada Life

Founded in 1847, The Canada Life Assurance Company (Canada Life) was Canada’s first domestic life insurance company. Today, the company operates in Canada, the United States, the United Kingdom, Isle of Man and Germany, and in Ireland through Irish Life. As a diversified international financial services company, Canada Life offers a wide range of insurance and wealth management products for individuals, families and businesses. The company also provides reinsurance products and operates primarily in the U.S., Barbados, Bermuda and Ireland.

On January 1, 2020, Great-West Life, London Life and Canada Life became one company – Canada Life. Canada Life is committed to its customers and helping build stronger communities across the regions where it operates.

Empower Retirement

Empower Retirement

Empower Retirement is the second-largest U.S. retirement services provider by assets and 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. In 2020, Empower invested US$4.3 billion in four strategic acquisitions, including Personal Capital and the retirement business of Massachusetts Mutual Life Insurance Company.

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, ESG 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 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.

PanAgora builds strategies on a foundation of continuous, innovative research that integrates in‐depth fundamental insights with the breadth and discipline of sophisticated quantitative techniques.

PanAgora’s process is fluid and holistic, with the flexibility required in a complex marketplace to assimilate advances in technology and address a rapidly changing investment environment.

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

The information included below is as disclosed by Lifeco. Refer to Lifeco's website for more information (www.greatwestlifeco.com). 
 

 

For the three months ended

For the years ended

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

Dec. 31
2021

Sept. 30
2021

Dec. 31
2020

Dec. 31
2021

Dec. 31
2020

Earnings

 

 

   

 

Net earnings — common shareholders

765

872

912 3,128

2,943

Base earnings(1)

825 870 741 3,260

2,669

Per common share

         

Basic: 

 

 

     

Net earnings

0.822

0.938

0.983 3.365 3.173  

Base earnings(2)

0.887

0.934

0.799 3.507 2.878

Diluted net earnings

0.820

0.936

0.983 3.360 3.172

Dividends paid(3)

0.490

0.438

0.438 1.804 1.752

Book value(4)

24.71

24.40

22.97 24.71

22.97

Return on equity(4)

14.0%

14.9%

14.1% 14.0%

14.1%

Base return on equity(2)

14.6%

14.5%

12.8% 14.6%

12.8%

Total net premiums

12,989

14,921

11,747 52,813 43,019

Total premiums and deposits(1)

47,654

39,282

40,831 168,803 171,345

Fee and other income

1,885

1,858

1,569 7,294 5,902

Net policyholder benefits, dividends and experience refunds

12,241

10,915

9,916 47,252

38,159

Total assets per financial statements

630,488

614,962

600,490 630,488

600,490

Proprietary mutual funds and institutional net assets(4)

377,155

365,764

350,943 377,155

350,943

Total assets under management(1)

1,007,643

980,726

951,433 1,007,643

951,433

Other assets under administration(4)

1,271,931

1,213,074

1,024,414 1,271,931

1,024,414

Total assets under administration(1)

2,279,574

2,193,800

1,975,847 2,279,574

1,975,847

Total equity

30,483

30,232

27,015 30,483

27,015

The Canada Life Assurance Company consolidated LICAT Ratio(5)

124%

123%

129% 124%

129%

(1) This is a non-IFRS financial measure. Refer to the “Non-GAAP Financial Measures and Ratios” section of Lifeco’s most recent Management’s Discussion and Analysis for additional details.
(2) This is a non-IFRS ratio. Refer to the “Non-GAAP Financial Measures and Ratios” section of Lifeco’s most recent Management’s Discussion and Analysis for additional details.
(3) In 2021, Lifeco made dividend payments to common shareholders on each of March 31, June 30 and September 30 in the amount of $0.438 per share. On November 15, 2021, Lifeco announced an increase to the quarterly dividend of $0.052 per share. On December 31, 2021, Lifeco made a dividend payment to common shareholders in the amount of $0.490 per share.
(4) Refer to the "Glossary" section of Lifeco’s most recent Management’s Discussion and Analysis for additional details on the composition of this measure.
(5) 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. The LICAT Ratio is calculated in accordance with the Office of Superintendent of Financial Institutions' guideline - Life Insurance Capital Adequacy Test. Refer to the "Capital Management and Adequacy" section of of Lifeco’s most recent Management’s Discussion and Analysis for additional details.

The information included below is as disclosed by Lifeco. Refer to Lifeco's website for more information (www.greatwestlifeco.com). 

 

As at and for the years ended December 31 [in millions of canadian dollars, except per share amounts or as otherwise noted]
(unaudited)

2021

2020

2019

Total revenue

64,417

60,583

44,698

Earnings — common shareholders

 

   

Net earnings

3,128

2,943

2,359

Base earnings(1)

3,260

2,669

2,704

Earnings per common share 

 

   

Basic - net earnings

3.365

3.173

2.494

Diluted - net earnings

3.360

3.172

2.493

Basic - base earnings(2)

3.507

2.878

2.859

Diluted - base earnings(2)

3.502

2.877

2.857

Total assets under administration(1)

 

   

Total assets

630,488

600,490

451,167

Proprietary mutual funds and institutional assets(3)

377,155

350,943

320,548

Total assets under management(1)

1,007,643

951,433

771,715

Other assets under management(3)

1,271,931

1,024,414

857,966

Total assets under administration(1)

2,279,574

1,975,847

1,629,681

Total liabilities

600,005

573,475

425,624

Dividends paid per common share(4)

1.804

1.752

1.652

(1) This is a non-IFRS financial measure. Refer to the “Non-GAAP Financial Measures and Ratios” section of Lifeco’s most recent Management’s Discussion and Analysis for additional details.
(2) This is a non-IFRS ratio. Refer to the “Non-GAAP Financial Measures and Ratios” section of Lifeco’s most recent Management’s Discussion and Analysis for additional details.
(3) Refer to the “Glossary” section of Lifeco’s most recent Management’s Discussion and Analysis for additional details on the composition of this measure.
(4) In 2021, Lifeco made dividend payments to common shareholders on each of March 31, June 30 and September 30 in the amount of $0.438 per share. On November 15, 2021, Lifeco announced an increase to the quarterly dividend of $0.052 per share. On December 31, 2021, Lifeco made a dividend payment to common shareholders in the amount of $0.490 per share.

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