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.
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, 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 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 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 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 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.
|
For the three months ended |
For the years ended |
||||
|---|---|---|---|---|---|
|
(In millions of canadian dollars, except per share amounts or as otherwise noted) |
Dec. 31 |
Sept. 30 |
Dec. 31 |
Dec. 31 |
Dec. 31 |
|
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] |
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.
