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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3rd Quarter Report 2019
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By the numbers

Subsidiaries

Welcome to the new Canada Life

Welcome to the new Canada Life

As of January 1, 2020, Great-West Life, London Life and Canada Life and two holding companies amalgamated into a single company – the Canada Life Assurance CompanyTM. Learn more here.

Canada Life

Canada Life

Canada Life, founded in 1847, 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 investments, savings and retirement income, annuities, life, disability, job loss and critical illness insurance for individuals, families and business owners. Group payout products issued by Canada Life are distributed by Great-West Life.

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 traditional mortality, structured and 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 with over 80 years of investment experience. The firm offers a full range of investment capabilities for financial advisors, institutional investors and retirement plan sponsors: equities, fixed income, global asset allocation, and alternatives, including absolute return, risk parity and hedge funds. Headquartered in Boston, Putnam has offices in London, Frankfurt, Tokyo, Singapore and Sydney.

PanAgora Asset Management

PanAgora Asset Management

PanAgora Asset Management is a quantitative investment manager whose proprietary approach is designed to capitalize on inefficiencies across market cycles and to deliver relative and absolute returns through distinct and innovative equity, multi-asset and risk premia strategies. PanAgora’s approach combines the firm’s fundamental investment philosophy and original research with an advanced quantitative framework. These elements come together in an open, collaborative environment that builds upon the intellectual versatility of its team and leverages their complementary strengths — essential to serving the evolving objectives of institutional investors worldwide.

PanAgora was founded in 1989 and is based in Boston, Massachusetts. Shareholders include the firm’s employees and Great-West Life, a member of the Power Financial Corporation group of companies.

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)

Dec. 31
2019

Sept. 30
2019

Dec. 31
2018

Dec. 31
2019

Dec. 31
2018

Earnings

         

Net earnings — common shareholders

513 730 710 2,359

2,961

Adjustments(1)(2)

227

- - 426

56

Adjusted net earnings — common shareholders(1)(2) 740 730 710 2,785

3,017

Per common share

         

Basic earnings

0.522 0.786 0.719 2.494

2.996

Adjusted net earnings(1)(2)

0.797 0.786 0.719 2.944

3.052

Dividends paid

0.413 0.413 0.389 1.652

1.556

Book value

21.53 21.02 22.08 21.53

22.08

Return on common shareholders’ equity(3)

11.7% 12.4% 14.0% 11.7%

14.0%

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

13.8% 13.4% 14.3% 13.8%

14.3%

Total premiums and deposits(1)

39,096 36,417 37,583 150,638

139,262

Fee and other income

1,515 1,496 1,420 7,081

5,819

Net policyholder benefits, dividends and experience refunds

10,003 8,468 8,496 36,415

31,566

Total assets

451,167 446,626 427,689 451,167

427,689

Proprietary mutual funds and institutional net assets(1)

320,548 308,425 281,664 320,548

281,664

Total assets under management(1)

771,715 755,051 709,353 771,715

709,353

Other assets under administration(1)

857,966 841,700 689,520 857,966

689,520

Total assets under administration(1)

1,629,681 1,596,751 1,398,873 1,629,681

1,398,873

Total equity

25,543 25,157 27,398 25,543

27,398

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

135% 139% 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 additional details. 
(2) Adjusted net earnings attributable to common shareholders and adjusted net earnings per common share are non-IFRS financial measures of earnings performance and reflect the following adjustments: in the fourth quarter of 2019, net charges of $199 million and $36 million relating to the revaluation of a deferred tax asset and restructuring charges, respectively, and net gains of $8 million on the sale of a heritage block of policies to Scottish Friendly; in the second quarter of 2019, a net charge of $199 million relating to the sale via indemnity reinsurance, of the U.S. individual life insurance and annuity business; in the third quarter of 2018, restructuring costs of $56 million relating to Lifeco’s U.K. operations. Refer to Lifeco’s most recent Management’s Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.
(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

Adjustments(1)(2)

426

56 498 44 -

Adjusted net earnings — common shareholders(1)(2)

2,785

3,017 2,647 2,685

2,762

Per common share

         

Basic earnings

2.494

2.996 2.173 2.668

2.774

Adjusted net earnings(1)(2)

2.944

3.052 2.676 2.712

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(3)

11.7%

14.0% 10.9% 13.8%

14.7%

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

13.8%

14.3% 13.4% 14.1%

14.7%

Total premiums and deposits(1)

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(1)

320,548

281,664 278,954 259,215

252,480

Total assets under management(1)

771,715

709,353 698,792 658,948

652,415

Other assets under administration(1)

857,966

689,520 651,121 589,291

560,102

Total assets under administration(1)

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) 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. 
(2) Adjusted net earnings attributable to common shareholders and adjusted net earnings per common share are non-IFRS financial measures of earnings performance and reflect the following adjustments:    
- in 2019, a net charge of $199 million relating to the sale via indemnity reinsurance, of the U.S. individual life insurance and annuity business, net charges of $199 million relating to the revaluation of a deferred tax asset, restructuring charges of $36 million, and net gains of $8 million on the sale of a heritage block of policies to Scottish Friendly;        
- in 2018, restructuring costs of $56 million relating to Lifeco’s U.K. operations;        
- in 2017, restructuring costs of $160 million, a net charge of $122 million on sale of an equity investment and a charge of $216 million from the impact of a U.S. tax reform;
- in 2016, restructuring costs of $44 million.        
Refer to Lifeco’s most recent Management’s Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.
(3) Refer to the "Return on Equity" section of Lifeco’s most recent Management’s Discussion and Analysis for additional details.

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