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
2020 Annual Report
2nd Quarter Report 2021
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


For the three months ended

For the six months ended

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

June 30

March 31

June 30

June 30

June 30






Net earnings — common shareholders

784 707 863 1,491 1,205

Base earnings(1)



706 1,565 1,249

Per common share




Net earnings

0.844 0.762 0.930 1.605 1.299

Base earnings(1)

0.889 0.796 0.761 1.685 1.347

Diluted net earnings

0.842 0.761 0.930 1.604 1.299

Dividends paid

0.438 0.438 0.438 0.876 0.876

Book value

23.70 23.36 21.98 23.70


Return on equity(1)

15.0% 15.7% 12.1% 15.0%


Base return on equity(1)

13.9% 13.6% 13.7% 13.9%


Total premiums and deposits(1)(2)(3)

36,804 45,063 43,134 81,867 89,611

Fee and other income

1,800 1,751 1,406 3,551 2,847

Net policyholder benefits, dividends and experience refunds(3)

12,162 11,934 9,659 24,096 19,088

Total assets per financial statements

604,176 592,759 457,996 604,176


Proprietary mutual funds and institutional net assets(1)

358,297 350,882 315,326 358,297


Total assets under management(1)

962,473 943,641 773,322 962,473


Other assets under administration(1)

1,193,449 1,134,222 889,929 1,193,449


Total assets under administration(1)

2,155,922 2,077,863 1,663,251 2,155,922


Total equity

27,956 27,385 26,109 27,956


The Canada Life Assurance Company consolidated LICAT Ratio(4)

126% 123% 132% 126%


(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) 2020 comparative figures have been reclassified to reflect presentation adjustments in the Canada segment. 
(3) Comparative figures for the three months ended March 31, 2021 have been corrected relating to an immaterial classification error in the U.S. segment as described in note 16 to Lifeco's June 30, 2021 condensed consolidated interim unaudited financial statements. 
(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 per share amounts or as otherwise noted]




Total Revenue


44,698 44,032

Earnings — common shareholders



Net earnings


2,359 2,961

Base earnings(1)


2,704 2,380

Earnings per common share 



Basic - net earnings


2.494 2.996

Diluted - net earnings


2.493 2.994

Basic - base earnings(1)


2.859 2.408

Diluted - base earnings(1)


2.857 2.406

Total assets 



Total assets


451,167 427,689

Proprietary mutual funds and institutional net assets(1)


320,548 281,664

Total assets under management(1)


771,715 709,353

Other assets under management(1)


857,966 689,520

Total assets under administration(1)


1,629,681 1,398,873

Total liabilities


425,624 400,291

Dividends paid per common share




(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 additional details.

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