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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.

Great-West Lifeco Website

Latest reports
2020 Annual Report
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1st Quarter Report 2021
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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

 

For the three months ended

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

March 31
2021

Dec. 31
2020

March 31
2020

Earnings

 

 

 

Net earnings — common shareholders

707

912

342

Base earnings(1)

739

741

543

Per common share

     

Basic: 

     

Net earnings

0.762

0.983

0.369

Base earnings(1)

0.796

0.799

0.585

Diluted net earnings

0.761

0.983

0.369

Dividends paid

0.438

0.438

0.438

Book value

23.36

22.97

22.34

Return on equity(1)

15.7%

14.1%

10.3%

Base return on equity(1)

13.6%

12.8%

13.5%

Total premiums and deposits(1)(2)

46,272

40,831

46,477

Fee and other income

1,751

1,569

1,441

Net policyholder benefits, dividends and experience refunds

13,143

9,916

9,429

Total assets per financial statements

592,759

600,490

436,903

Proprietary mutual funds and institutional net assets(1)

350,882

350,943

288,309

Total assets under management(1)

943,641

951,433

725,212

Other assets under administration(1)

1,134,222

1,024,414

798,847

Total assets under administration(1)

2,077,863

1,975,847

1,524,059

Total equity

27,385

27,015

26,441

The Canada Life Assurance Company consolidated LICAT Ratio(3)

123%

129%

133%

(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) Comparative figures have been reclassified to reflect presentation adjustments. 
(3) 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]
(unaudited)

2020

2019

2018

Total Revenue

60,583

44,698 44,032

Earnings — common shareholders

 

   

Net earnings

2,943

2,359 2,961

Base earnings(1)

2,669

2,704 2,380

Earnings per common share 

 

   

Basic - net earnings

3.173

2.494 2.996

Diluted - net earnings

3.172

2.493 2.994

Basic - base earnings(1)

2.878

2.859 2.408

Diluted - base earnings(1)

2.877

2.857 2.406

Total assets 

 

   

Total assets

600,490

451,167 427,689

Proprietary mutual funds and institutional net assets(1)

350,943

320,548 281,664

Total assets under management(1)

951,433

771,715 709,353

Other assets under management(1)

1,024,414

857,966 689,520

Total assets under administration(1)

1,975,847

1,629,681 1,398,873

Total liabilities

573,475

425,624 400,291

Dividends paid per common share

1.752

1.652

1.556

(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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