Great-West Lifeco reports third quarter 2012 results

Readers are referred to the cautionary notes regarding Forward-Looking 
Information and Non-IFRS Financial Measures at the end of this release. All 
figures are expressed in Canadian dollars, except as noted. 
TSX:GWO 
WINNIPEG, MB, Nov. 8, 2012 /CNW/ - Great-West Lifeco Inc. (Lifeco) has 
reported net earnings attributable to common shareholders of $520 million for 
the three months ended September 30, 2012, compared to $457 million in the 
third quarter of 2011. On a per common share basis, this represents $0.547 
per common share for the three months ended September 30, 2012, compared to 
$0.481 per common share for the same period in 2011. 
For the nine months ended September 30, 2012, net earnings attributable to 
common shareholders were $1,462 million, compared to $1,398 million a year 
ago. This represents $1.539 per common share for the nine months ended 
September 30, 2012, compared to $1.473 per common share for the same period in 
2011. 
Consolidated assets under administration at September 30, 2012 were $532 
billion, up $30 billion from December 31, 2011. 
Highlights 


    --  In quarter consolidated net earnings of $520 million are up
        13.8% from third quarter 2011, with solid earnings growth in
        all geographic segments.
    --  Total Company premiums and deposits grew by 8% from third
        quarter 2011, reflecting continued strong persistency.
    --  Total Company sales grew by 13% from third quarter 2011,


    notably the following:
  o In quarter sales in Canada for Individual participating life 
insurance were up 34% and Wealth Management group retirement sales 
were up 41% compared to the third quarter of 2011.
  o In quarter sales in U.S. Financial Services were US$2.4 billion, up 
46% compared to the third quarter of 2011, reflecting continued 
strong sales in both Individual Markets and Retirement Services.
  o In quarter sales in U.K. Payout Annuity  were up 105% compared to 
the third quarter of 2011, and are up 31% year to date compared to 
2011.
  o Putnam net asset inflows in third quarter 2012 were US$602 million. 


    --  During the third quarter, Canada Life's Reinsurance Division
        entered into retrocession agreements with a U.K. domiciled
        insurance company covering closed blocks of approximately 1.2
        million bank distributed protection policies in Spain and
        approximately 575,000 bank distributed protection policies in
        Portugal.
    --  The Company raised $200 million of 4.80% fixed rate perpetual
        preferred share capital on October 11, 2012.
    --  The Company's ROE continues to lead the industry at 17.1% based
        on net earnings and 16.1% based on operating earnings.
    --  The Company's capital position remained very strong.  The
        Great-West Life Assurance Company reported a Minimum Continuing
        Capital and Surplus Requirements (MCCSR) ratio of 201% at
        September 30, 2012.
    --  Credit experience remained favourable. There were no new
        impaired securities in the quarter.
    --  The Company declared a quarterly common dividend of $0.3075 per
        common share payable December 31, 2012.

OPERATING RESULTS

Consolidated net earnings for Lifeco comprise the net earnings of The 
Great-West Life Assurance Company (Great-West Life), Canada Life Financial 
Corporation (CLFC), London Life Insurance Company (London Life), Great-West 
Life & Annuity Insurance Company (GWL&A), and Putnam Investments, LLC 
(Putnam), together with Lifeco's corporate results.

CANADA

Net earnings attributable to common shareholders for the third quarter of 2012 
were $281 million compared to $235 million in the third quarter of 2011. For 
the nine months ended September 30, 2012 net earnings attributable to common 
shareholders were $777 million compared to $742 million for the same period in 
2011.

Total sales in the third quarter of 2012 were $2.0 billion compared to $1.9 
billion in 2011. Individual Insurance product sales increased 17%, Group 
sales decreased 43% driven by lower sales in large case markets, Wealth 
Management group retirement sales were up 41% and sales of proprietary retail 
investments funds were up 12% compared to the third quarter of 2011. Total 
sales for the nine months ended September 30, 2012 were $6.6 billion, the same 
level as 2011.

Total assets under administration at September 30, 2012 were $136 billion, 
compared to $129 billion at December 31, 2011.

UNITED STATES

Net earnings attributable to common shareholders for the third quarter of 2012 
were $87 million compared to $75 million in the third quarter of 2011. For 
the nine months ended September 30, 2012 net earnings attributable to common 
shareholders were $248 million compared to $291 million for the same period in 
2011 which included a $55 million release of legal provisions in Putnam.

Financial Services sales in the third quarter of 2012 were US$2.4 billion, up 
46% compared to the third quarter of 2011 reflecting increases in both 
Retirement Services and Individual Markets. Sales for the nine months ended 
September 30, 2012 were US$6.9 billion compared to US$5.3 billion in 2011.

Putnam assets under management at September 30, 2012 were US$127 billion 
compared to US$114 billion a year ago. Net asset inflows in third quarter 2012 
were US$602 million compared to net outflows of US$1.5 billion for the same 
period in 2011. Net asset outflows for the nine months ended September 30, 
2012 were US$1.6 billion compared to net inflows of US$2.0 billion a year ago.

Total United States segment assets under administration at September 30, 2012 
were $324 billion compared to $303 billion at December 31, 2011.

EUROPE

Net earnings attributable to common shareholders for the third quarter of 2012 
were $165 million compared to $148 million in the third quarter of 2011. Net 
earnings for the third quarter of 2012 include the impact of new life 
retrocession agreements of $24 million. For the nine months ended September 
30, 2012 net earnings attributable to common shareholders were $466 million 
compared to $381 million for the same period in 2011. The 2011 results 
include catastrophe provisions of $84 million relating to earthquake events in 
Japan and New Zealand.

Sales for the third quarter of 2012 were $866 million compared to $1.3 billion 
in 2011. The decrease was due to a decline in single premium savings products 
in the Isle of Man reflecting the normal fluctuations in the number of large 
cases. This decrease was partially offset by strong sales of payout 
annuities in the U.K.

Total sales for the nine months ended September 30, 2012 were $2.4 billion 
compared to $3.3 billion in 2011 due mainly to a decline in single premium 
savings products in both the U.K. and Isle of Man. This reflects the general 
market slowdown and normal fluctuations in the number of large cases in the 
Isle of Man. This decrease was partially offset by strong sales of payout 
annuities in the U.K.

Total assets under administration at September 30, 2012 increased to $72 
billion from $70 billion at December 31, 2011.

CORPORATE

Net earnings in the Lifeco corporate segment attributable to common 
shareholders was a loss of $13 million in the third quarter of 2012 compared 
to a loss of $1 million for the third quarter of 2011. For the nine months 
ended September 30, 2012 net earnings attributable to common shareholders was 
a loss of $29 million compared to a loss of $16 million for the same period in 
2011.

QUARTERLY DIVIDENDS

At its meeting today, the Board of Directors approved a quarterly dividend of 
$0.3075 per share on the common shares of the Company payable December 31, 
2012 to shareholders of record at the close of business December 3, 2012.

For purposes of the Income Tax Act (Canada), and any similar provincial 
legislation, the dividends referred to above are eligible dividends.

In addition, the Directors approved quarterly dividends on:
    --  Series F First Preferred Shares of $0.36875 per share;
    --  Series G First Preferred Shares of $0.3250 per share;
    --  Series H First Preferred Shares of $0.30313 per share;
    --  Series I First Preferred Shares of $0.28125 per share;
    --  Series J First Preferred Shares of $0.3750 per share;
    --  Series L First Preferred Shares of $0.353125 per share;
    --  Series M First Preferred Shares of $0.36250 per share;
    --  Series N First Preferred Shares of $0.228125 per share;
    --  Series P First Preferred Shares of $0.3375 per share;
    --  Series Q First Preferred Shares of $0.321875 per share; and
    --  Series R First Preferred Shares of $0.2663 per share

all payable December 31, 2012 to shareholders of record at the close of 
business December 3, 2012.

GREAT-WEST LIFECO

Great-West Lifeco Inc. (TSX:GWO) is an international financial services 
holding company with interests in life insurance, health insurance, retirement 
and investment services, asset management and reinsurance businesses. 
Great-West Lifeco has operations in Canada, the United States, Europe and Asia 
through The Great-West Life Assurance Company, London Life Insurance Company, 
The Canada Life Assurance Company, Great-West Life & Annuity Insurance Company 
and Putnam Investments, LLC. Great-West Lifeco and its companies have $532 
billion in assets under administration and are members of the Power Financial 
Corporation group of companies.

Cautionary note regarding Forward-Looking Information 
This release contains some forward-looking statements about the Company, 
including its business operations, strategy and expected financial performance 
and condition. Forward-looking statements include statements that are 
predictive in nature, depend upon or refer to future events or conditions, or 
include words such as "expects", "anticipates", "intends", "plans", 
"believes", "estimates" and similar expressions or negative versions 
thereof. In addition, any statement that may be made concerning future 
financial performance (including revenues, earnings or growth rates), ongoing 
business strategies or prospects, and possible future actions by the Company 
including statements made with respect to the expected benefits of 
acquisitions and divestitures are also forward-looking statements. 
Forward-looking statements are based on expectations and projections about 
future events that were current at the time of the statements and are 
inherently subject to, among other things, risks, uncertainties and 
assumptions about the Company, economic factors and the financial services 
industry generally, including the insurance and mutual fund industries. They 
are not guarantees of future performance, and actual events and results could 
differ materially from those expressed or implied by forward-looking 
statements due to, but not limited to, important factors such as sales levels, 
premium income, fee income, expense levels, mortality experience, morbidity 
experience, policy lapse rates and taxes, as well as general economic, 
political and market factors in North America and internationally, interest 
and foreign exchange rates, global equity and capital markets, business 
competition, technological change, changes in government regulations, changes 
in accounting policies and the effect of applying future accounting policy 
changes, unexpected judicial or regulatory proceedings, catastrophic events, 
and the Company's ability to complete strategic transactions and integrate 
acquisitions. The reader is cautioned that the foregoing list of important 
factors is not exhaustive, and there may be other factors, including factors 
set out under "Risk Management and Control Practices" in the Company's Annual 
Management's Discussion and Analysis and any listed in other filings with 
securities regulators, which are available for review at www.sedar.com. The 
reader is also cautioned to consider these and other factors carefully and to 
not place undue reliance on forward-looking statements. Other than as 
specifically required by applicable law, the Company has no intention to 
update any forward-looking statements whether as a result of new information, 
future events or otherwise.

Cautionary note regarding Non-IFRS Financial Measures
This release contains some non-IFRS financial measures. Terms by which 
non-IFRS financial measures are identified include but are not limited to 
"operating earnings", "constant currency basis", "premiums and deposits", 
"sales", and other similar expressions. Non-IFRS financial measures are used 
to provide management and investors with additional measures of performance. 
However, non-IFRS financial measures do not have standard meanings prescribed 
by IFRS and are not directly comparable to similar measures used by other 
companies. Please refer to the appropriate reconciliations of these non-IFRS 
financial measures to measures prescribed by IFRS.

Further information
Selected financial information is attached.

Great-West Lifeco's third quarter conference call and audio webcast will be 
held November 8, 2012 at 3:00 p.m.(ET). The call and webcast can be accessed 
through www.greatwestlifeco.com or by phone at:
    --  Participants in the Toronto area:  416-340-8018
    --  Participants from North America: 1-866-223-7781
    --  Participants from Overseas:  Dial international access code
        first, then 800-6578-9898

A replay of the call will be available from November 8, 2012, and can be 
accessed by calling 1-800-408-3053 or 905-694-9451 in Toronto (passcode: 
1367585#). The archived webcast will be available on www.greatwestlifeco.com 
from November 9, 2012 until November 9, 2013.

Additional information relating to Lifeco, including the most recent interim 
unaudited consolidated financial statements, interim Management's Discussion 
and Analysis (MD&A), and CEO/CFO certificates will be filed on SEDAR at 
www.sedar.com.
                                                                        FINANCIAL HIGHLIGHTS (unaudited)
                                                       (in Canadian $ millions except per share amounts)
                                                                                                        
                              As at or for the three months ended           For the nine months ended
                     September 30         June 30       September 30     September 30     September 30
                           2012              2012             2011             2012             2011

Premiums and
deposits:                                                                                               

Life insurance,
guaranteed
annuities


  and insured
health products     $        4,940    $       4,524    $       4,392      $    13,993      $     12,959  
Self-funded
premium
equivalents
 (ASO contracts)               631              673              660            1,989             1,994  
Segregated funds
deposits:                                                                                                
  Individual
products                     1,490            1,436            1,975            4,485             5,516  
  Group
products                     1,681            1,595            1,420            5,046             4,340  
Proprietary
mutual funds and
institutional
deposits                     6,779            4,898            5,892           17,616            23,264  
Total premiums
and deposits                15,521           13,126           14,339           43,129            48,073  
                                                                                                     
Fee and other
income                         720              734              704            2,178             2,163  
Paid or credited
to policyholders             6,607            5,979            6,826           17,329            16,703  
Net earnings -
common
shareholders                   520              491              457            1,462             1,398  
Per common share                                                                                         
  Basic
earnings            $        0.547    $       0.517    $       0.481      $     1.539      $      1.473  
  Dividends
paid                        0.3075           0.3075           0.3075           0.9225            0.9225  
  Book value             13.01            12.97            12.46                                     
Return on common shareholders'
equity (trailing four quarters*):                                                                        
  Operating
earnings                     16.1%            15.8%            16.7%                                     
  Net
earnings                     17.1%            16.8%            16.7%                                     
  Total
assets              $      249,043    $     245,297    $     237,048                                     
  Proprietary
mutual funds and
institutional net
assets                     131,604          129,028          124,343                                     
  Total
assets under
management                 380,647          374,325          361,391                                     
  Other
assets under
administration             151,604          149,258          131,853                                     
  Total
assets under
administration      $      532,251    $     523,583    $     493,244                                     
Total equity        $       17,004    $      16,692    $      15,837                                     


                                                                                                        

The Company uses operating earnings, a non-IFRS financial measure, which 
excludes the impact of certain litigation provisions described in note 30 to 
the Company's December 31, 2011 consolidated financial statements.

*Return on common shareholders' equity is the trailing four quarter 
calculation of net earnings divided by common shareholders' equity.
                                              CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
                                             (in Canadian $ millions except per share amounts)
                                                                                                              
                                       For the three months ended                 For the nine months ended
                       September 30          June 30        September 30     September 30       September 30
                             2012              2012              2011              2012               2011

Income                                                                                                        


  Premium
income                                                                                                         
        Gross
premiums written      $       5,645       $      5,233    $       5,059      $      16,076      $      14,980  
        Ceded
premiums                      (705)              (709)            (667)            (2,083)            (2,021)  
  Total net
premiums                      4,940              4,524            4,392             13,993             12,959  
  Net
investment income                                                                                              
        Regular
net investment
income                        1,425              1,428            1,330              4,292              4,173  
        Changes
in fair value
through profit or
loss                          1,551              1,106            2,080              2,461              2,600  
  Total net
investment income             2,976              2,534            3,410              6,753              6,773  
  Fee and other
income                          720                734              704              2,178              2,163  
                          8,636              7,792            8,506             22,924             21,895  
Benefits and
expenses                                                                                                       
  Policyholder
benefits                                                                                                       
   Insurance
and investment
contracts                                                                                                      


          Gross               4,137              4,311            3,988             13,054             12,417 
          Ceded               (304)              (367)            (284)            (1,058)              (933) 


  Total net
policyholder
benefits                      3,833              3,944            3,704             11,996             11,484  
  Policyholder
dividends and
experience refunds              414                367              385              1,145              1,115  
  Change in
insurance and
investment contract
liabilities                   2,360              1,668            2,737              4,188              4,104  
  Total paid or
credited to
policyholders                 6,607              5,979            6,826             17,329             16,703  


                                                                                                              
      Commissions               441                415              372              1,266              1,139 


  Operating and
administrative
expenses                        653                637              605              1,930              1,808  
  Premium taxes              74                 72               64                218                188  
  Financing
charges                          70                 72               72                214                216  
  Amortization
of finite life
intangible assets                25                 28               24                 79                 72  
Earnings before
income taxes                    766                589              543              1,888              1,769  
Income taxes                    141                 72               54                270                284  
Net earnings before
non-controlling
interests                       625                517              489              1,618              1,485  
Attributable to
non-controlling
interests                        75                (2)                8                 73                 15  
Net earnings                    550                519              481              1,545              1,470  
Perpetual preferred
share dividends                  30                 28               24                 83                 72  
Net earnings -
common shareholders   $         520       $        491    $         457      $       1,462      $       1,398  


                                                                                                              

Earnings per common      
share                                                                                                         
    Basic              $       0.547       $      0.517    $       0.481      $       1.539      $       1.473 
    Diluted            $       0.543       $      0.513    $       0.478      $       1.529      $       1.461 
                                                                                                   
                                                                                                   
                        CONSOLIDATED BALANCE SHEETS (unaudited)
                               (in Canadian $ millions)
                                                                       
                                       September 30       December 31
                                             2012              2011

Assets                                                                 

Cash and cash equivalents             $        1,871    $        2,056 

Bonds                                         82,660            78,073 

Mortgage loans                                17,559            17,432 

Stocks                                         6,929             6,704 

Investment properties                          3,446             3,201 

Loans to policyholders                         6,989             7,162 
                                             119,454           114,628 

Funds held by ceding insurers                 10,336             9,923 

Goodwill                                       5,396             5,401 

Intangible assets                              3,084             3,154 

Derivative financial instruments               1,141               968 

Owner occupied properties                        508               491 

Fixed assets                                     142               137 

Reinsurance assets                             1,846             2,061 

Other assets                                   4,585             4,283 

Deferred tax assets                            1,025             1,140 

Segregated funds for the risk of
unitholders                                  101,526            96,582 

Total assets                          $      249,043    $      238,768 
                                                                       

Liabilities                                                            

Insurance contract liabilities        $      117,891    $      114,730 

Investment contract liabilities                  759               782 

Debentures and other debt
instruments                                    4,273             4,313 

Funds held under reinsurance
contracts                                        181               169 

Derivative financial instruments                 269               316 

Other liabilities                              4,408             4,287 

Deferred tax liabilities                         936               929 

Repurchase agreements                          1,444                23 

Capital trust securities                         352               533 

Investment and insurance contracts
on account of unitholders                    101,526            96,582 

Total liabilities                            232,039           222,664 
                                                                       

Equity                                                                 

Non-controlling interests                                              


  Participating account
surplus in subsidiaries                        2,301             2,227  
  Non-controlling interests in
capital stock                                      4                 3  
Shareholders' equity                                                    
  Share capital                                                     
        Perpetual preferred
shares                                         2,344             1,894  


            Common shares                      5,832             5,828 
      Accumulated surplus                      6,904             6,327 


  Accumulated other
comprehensive income (loss)                    (443)             (233)  


      Contributed surplus                         62                58 

Total equity                                  17,004            16,104 

Total liabilities and equity          $      249,043    $      238,768 
                                                           
                                                           

Segmented Information (unaudited) 


Consolidated Net Earnings

For the three months ended September 30, 2012                                                
                                      United                       Lifeco                    
                      Canada          States         Europe      Corporate           Total

Income:                                                                                      

 Premium income    $     2,397    $       879    $     1,664     $       -     $       4,940 

 Net investment
income                                                                                       


Regular net
investment
income                     664            332            433           (4)             1,425  
Changes in
fair value
through profit
or loss                    493            244            814             -             1,551  
 Total net
investment
income                   1,157            576          1,247           (4)             2,976  
 Fee and other
income                     271            304            145             -               720  
Total income             3,825          1,759          3,056           (4)             8,636  
                                                                                          
Benefits and
expenses:                                                                                     
 Paid or
credited to
policyholders            2,733          1,246          2,628             -             6,607  
 Other                     629            340            192             7             1,168  
 Financing
charges                     31             34              5             -                70  
 Amortization
of finite life
intangible
assets                      11             11              3             -                25  
                                                                                          
Earnings before
income taxes               421            128            228          (11)               766  
                                                                                          
Income taxes                66             38             40           (3)               141  


                                                                                             

Net earnings
before
non-controlling                                                                              

interests                                                                  
                           355             90            188           (8)               625 
                                                                                             

Non-controlling
interests                   73            (1)              3             -                75 
                                                                                             

Net earnings                                                               
                           282             91            185           (8)               550 
                                                                                             

Perpetual
preferred share
dividends                   21              -              6             3                30 
                                                                                             

Net earnings
before capital
allocation                 261             91            179          (11)               520 

Impact of
capital                                                                    
allocation                  20            (4)           (14)           (2)                 - 

Net earnings -
common
shareholders       $       281    $        87    $       165     $    (13)     $         520 
                                                                                  

For the three months ended September 30, 2011                                           
                                     United                      Lifeco                 
                      Canada         States         Europe     Corporate        Total

Income:                                                                                 

 Premium income $       2,229  $         952  $       1,211  $        -     $     4,392 

 Net investment                                               
income                                                                                  


Regular net                                                
investment
income                    535            324            465           6           1,330  
Changes in                                                 
fair value
through profit
or loss                   824            304            952           -           2,080  
 Total net                                                    
investment
income                  1,359            628          1,417           6           3,410  
 Fee and other                                                
income                    269            296            139           -             704  
Total income            3,857          1,876          2,767           6           8,506  
                                                                                     
Benefits and                                                  
expenses:                                                                                
 Paid or                                                      
credited to
policyholders           2,950          1,433          2,443           -           6,826  
 Other                    579            311            148           3           1,041  
 Financing                                                    
charges                    34             33              5           -              72  
 Amortization                                                 
of finite life
intangible
assets                     10             11              3           -              24  
                                                                                     
Earnings before                                               
income taxes              284             88            168           3             543  
                                                                                     
Income taxes               47             11            (5)           1              54  
                                                                                     
Net earnings                                                  
before
non-controlling                                                                          
interests                 237             77            173           2             489  
                                                                                     
Non-controlling                                               
interests                   3              -              5           -               8  
                                                                                     
Net earnings              234             77            168           2             481  
                                                                                     
Perpetual                                                     
preferred share
dividends                  18              -              6           -              24  


                                                                                        

Net earnings                                                  
before capital
allocation                216             77            162           2             457 

Impact of                                                     
capital                                                                 
allocation                 19            (2)           (14)         (3)               - 

Net earnings -  $              $              $              $
common
shareholders              235             75            148         (1)     $       457 

For the nine months ended September 30, 2012                                              
                                      United                      Lifeco                  
                       Canada         States         Europe     Corporate         Total

Income:                                                                                   

 Premium income $        7,113  $       2,406  $       4,474  $        -    $      13,993 

 Net investment                               
income                                                                                    


Regular net           1,939            983 
investment                                                               
income                                                 1,373         (3)            4,292  
Changes in              755            442 
fair value
through profit
or loss                                                1,264           -            2,461  
 Total net               2,694          1,425 
investment                                                               
income                                                 2,637         (3)            6,753  
 Fee and other             818            912 
income                                                   448           -            2,178  
Total income            10,625          4,743                             
                                                   7,559         (3)           22,924  
                                                                                       
Benefits and                                  
expenses:                                                                                  
 Paid or                 7,599          3,274 
credited to
policyholders                                          6,456           -           17,329  
 Other                   1,912          1,003            482          17            3,414  
 Financing                  99            101 
charges                                                   14           -              214  
 Amortization               33             38 
of finite life
intangible
assets                                                     8           -               79  
                                                                                       
Earnings before            982            327                            
income taxes                                             599        (20)            1,888  


                                                                                          

Income taxes               143             69                            
                                                          63         (5)              270 
                                                                                          

Net earnings                                  
before
non-controlling                                                                           

interests                  839            258                            
                                                         536        (15)            1,618 
                                                                                          

Non-controlling             63            (1) 
interests                                                 11           -               73 
                                                                                          

Net earnings               776            259                            
                                                         525        (15)            1,545 
                                                                                          

Perpetual                   58              - 
preferred share
dividends                                                 17           8               83 
                                                                                          

Net earnings               718            259 
before capital                                                           
allocation                                               508        (23)            1,462 

Impact of                   59           (11) 
capital                                                                  
allocation                                              (42)         (6)                - 

Net earnings -  $          777  $         248 
common
shareholders                                   $         466  $     (29)    $       1,462 

For the nine months ended                                                  
September 30, 2011                                                                        
                                      United                      Lifeco                  
                       Canada         States         Europe     Corporate         Total

Income:                                                                                   

 Premium income $        6,861  $       2,306  $       3,792  $        -     $     12,959 

 Net investment                                                
income                                                                                    


Regular net                                                 
investment
income                   1,769            980          1,412          12            4,173  
Changes in                                                  
fair value
through profit
or loss                  1,075            461          1,064           -            2,600  
 Total net                                                     
investment
income                   2,844          1,441          2,476          12            6,773  
 Fee and other                                                 
income                     822            928            413           -            2,163  
Total income            10,527          4,675          6,681          12           21,895  
                                                                                       
Benefits and                                                   
expenses:                                                                                  
 Paid or                                                       
credited to
policyholders            7,716          3,273          5,714           -           16,703  
 Other                   1,792            897            429          17            3,135  
 Financing                                                     
charges                    102            100             14           -              216  
Amortization of                                                
finite life
intangible
assets                      31             34              7           -               72  
                                                                                       
Earnings before                                                          
income taxes               886            371            517         (5)            1,769  
                                                                                       
Income taxes               138             75             70           1              284  


                                                                                          

Net earnings                                                   
before
non-controlling                                                                           

interests                                                                
                           748            296            447         (6)            1,485 
                                                                                          

Non-controlling                                                
interests                    9              -              6           -               15 
                                                                                          

Net earnings                                                             
                           739            296            441         (6)            1,470 
                                                                                          

Perpetual                                                      
preferred share
dividends                   55              -             17           -               72 
                                                                                          

Net earnings                                                   
before capital                                                           
allocation                 684            296            424         (6)            1,398 

Impact of                                                      
capital                                                                  
allocation                  58            (5)           (43)        (10)                - 

Net earnings -  $               $              $              $
common
shareholders               742            291            381        (16)     $      1,398 







Marlene Klassen, APR Assistant Vice-President, Communication Services 
204-946-7705

SOURCE: Great-West Lifeco Inc.

To view this news release in HTML formatting, please use the following URL: 
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CO: Great-West Lifeco Inc.
ST: Manitoba
NI: INS ERN CONF DIV 

-0- Nov/08/2012 18:11 GMT