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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: 
http://www.newswire.ca/en/releases/archive/November2012/08/c5570.html

CO: Great-West Lifeco Inc.
ST: Manitoba
NI: INS ERN CONF DIV 

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

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