Great-West Lifeco - Companies | Power Corporation of Canada

Subsidiaries and investments

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 Company^TM. Learn more here.

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.

Canada Life Website

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.

Empower Retirement Website

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.

Putnam Investments Website

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.

PanAgora Asset Management Website

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.

Irish Life Website

Financial Highlights

For the three months ended

For the years ended

	For the three months ended			For the years ended
(In millions of canadian dollars, except per share amounts or as otherwise noted) (unaudited)	June 30 2020	March 31 2020	June 30 2019	Dec. 31 2019	Dec. 31 2018
Earnings
Net earnings — common shareholders	863	342	459	2,359	2,961
Base earnings — common shareholders⁽¹⁾⁽²⁾	706	543	627	2,704	2,380
Per common share
Net earnings	0.930	0.369	0.489	2.494	2.996
Base earnings⁽¹⁾⁽²⁾	0.761	0.585	0.668	2.859	2.408
Dividends paid	0.438	0.438	0.413	1.652	1.556
Book value	21.98	22.34	20.84	21.53	22.08
Return on common shareholders’ equity⁽³⁾	12.1%	10.3%	12.0%	11.7%	14.0%
Base return on common shareholders’ equity^(1)(2)(3)	13.7%	13.5%	11.1%	13.3%	11.3%
Total premiums and deposits⁽¹⁾	43,076	46,365	34,280	150,638	139,262
Fee and other income	1,406	1,441	2,591	7,081	5,819
Net policyholder benefits, dividends and experience refunds	9,659	9,429	8,957	36,415	31,566
Total assets	457,996	436,903	441,897	451,167	427,689
Proprietary mutual funds and institutional net assets⁽¹⁾	315,326	288,309	305,252	320,548	281,664
Total assets under management⁽¹⁾	773,322	725,212	747,149	771,715	709,353
Other assets under administration⁽¹⁾	889,929	798,847	820,808	857,966	689,520
Total assets under administration⁽¹⁾	1,663,251	1,524,059	1,567,957	1,629,681	1,398,873
Total equity	26,109	26,441	24,955	25,543	27,398
The Canada Life Assurance Company consolidated Life Insurance Capital Adequacy Test Ratio⁽⁴⁾	132%	133%	136%	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 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 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 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] (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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