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Great-West Lifeco reports fourth 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, Feb. 7, 2013 /CNW/ - Great-West Lifeco Inc. (Lifeco) has reported 
operating earnings attributable to common shareholders of $493 million for the 
three months ended December 31, 2012, compared to $500 million in the fourth 
quarter of 2011. Operating earnings per common share for the current quarter 
were $0.520 ($0.518 diluted) compared to $0.528 ($0.523 diluted) for the same 
period in 2011. 
For the twelve months ended December 31, 2012, operating earnings attributable 
to common shareholders were $1,955 million compared to $1,898 million a year 
ago. Operating earnings per common share for the twelve months 2012 were 
$2.059 ($2.046 diluted) compared to $2.000 ($1.984 diluted) for the same 
period in 2011. 
Operating earnings, a non-IFRS measure, exclude the impact of litigation 
provision adjustments of $140 million after-tax or $0.147 per common share in 
the fourth quarter of 2012 as well as the net impact of litigation provisions 
which increased net earnings in the fourth quarter of 2011 by $124 million 
after-tax or $0.129 per common share. 
Net earnings attributable to common shareholders were $353 million or $0.373 
per common share ($0.372 diluted) for the fourth quarter of 2012, compared to 
$624 million or $0.657 per common share ($0.651 diluted) a year ago. For the 
twelve months ended December 31, 2012, net earnings attributable to common 
shareholders were $1,815 million or $1.912 per common share ($1.900 diluted), 
compared to $2,022 million or $2.129 per common share ($2.112 diluted) a year 
ago. Net earnings include the impacts of the litigation provisions described 
above. 
Highlights 


    --  Consolidated assets under administration at December 31, 2012
        grew to nearly $546 billion, up $44 billion from December 31,
        2011.
    --  Total Company in quarter premiums and deposits grew by 17% as
        compared to fourth quarter 2011, reflecting strong sales
        performance and continued strong persistency.
    --  Total Company sales grew by 12% from fourth quarter 2011,


    notably the following:
  o In quarter sales in Canada for Individual Insurance were up 18% and 
Wealth Management sales were up 18% compared to the fourth quarter 
of 2011.
  o In quarter sales in United States Great-West Financial Individual 


    Markets were up 23% compared to the fourth quarter of 2011. Sales
    in  Individual Retirement Accounts were up 91% compared to the
    fourth quarter of 2011, and were up 50% for the full year of 2012


compared to 2011.
  o In quarter sales in U.K. Payout Annuity were up 187% compared to 
the fourth quarter of 2011, and were up 55% for the full year of 
2012 compared to 2011.
  o Putnam's sales increased by US$1.4 billion to US$6.8 billion in the 


    fourth quarter of 2012 compared to US$5.4 billion in the fourth
    quarter of 2011 reflecting strong institutional sales.
    --  Return on common shareholders' equity was 15.9% based on
        operating earnings and 14.7% based on net earnings.
    --  The Company's capital position remained very strong. The
        Great-West Life Assurance Company, reported a Minimum
        Continuing Capital and Surplus Requirement (MCCSR) ratio of
        207% at December 31, 2012.
    --  The Company declared a quarterly common dividend of $0.3075 per
        common share payable March 28, 2013.

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 (Great-West Financial), and Putnam 
Investments, LLC (Putnam), together with Lifeco's corporate results.

CANADA

Net earnings attributable to common shareholders for the fourth quarter of 
2012 were $263 million compared to $244 million in the fourth quarter of 
2011. For the twelve months ended December 31, 2012, net earnings 
attributable to common shareholders were $1,040 million compared to $986 
million for the same period in 2011.

Total premiums and deposits for the twelve months ended December 31, 2012 were 
$20.8 billion, compared to $19.4 billion in 2011. Total sales for the twelve 
months were $9.3 billion compared to $8.9 billion for 2011.

Total assets under administration at December 31, 2012 were $138 billion, 
compared to $129 billion at December 31, 2011.

UNITED STATES

Net earnings attributable to common shareholders for the fourth quarter of 
2012 were $77 million compared to $79 million in the fourth quarter of 2011. 
Great-West Financial reported earnings of $96 million in the fourth quarter of 
2012 compared to $87 million a year ago. Putnam reported a net loss of $19 
million in the fourth quarter of 2012 compared to a net loss of $8 million a 
year ago.

For the twelve months ended December 31, 2012, net earnings attributable to 
common shareholders were $325 million compared to $370 million for the same 
period in 2011. Great-West Financial reported earnings of $365 million for the 
full year 2012 compared to $355 million a year ago. Putnam reported a net 
loss of $40 million for the full year 2012 compared to net earnings of $15 
million a year ago.

Great-West Financial sales in the fourth quarter of 2012 were US$2.9 billion 
compared to US$3.4 billion in 2011. The fourth quarter of 2011 reflected two 
large plan sales for the public/non-profit market which did not repeat in the 
fourth quarter of 2012. Sales for the twelve months ended December 31, 2012 
were US$9.7 billion compared to US$8.7 billion in 2011.

Putnam assets under management at December 31, 2012 were US$128 billion, up 
over 9% as compared to US$117 billion a year ago. Net asset outflows in fourth 
quarter of 2012 were US$151 million compared to net outflows of US$1.8 billion 
for the same period in 2011. Net asset outflows for the twelve months ended 
December 31, 2012 were US$1.8 billion compared to net inflows of US$183 
million a year ago.

Total assets under administration at December 31, 2012 were $333 billion 
compared to $303 billion at December 31, 2011.

EUROPE

Net earnings attributable to common shareholders for the fourth quarter of 
2012 were $152 million compared to $181 million in the fourth quarter of 2011. 
While in quarter net earnings reflect strong UK payout annuity new business 
margins, favourable investment performance and an additional contribution from 
the third quarter's large reinsurance transaction, contributions from 
actuarial liability basis changes were significantly lower than the fourth 
quarter of 2011. For the twelve months ended December 31, 2012, net earnings 
attributable to common shareholders were $618 million compared to $562 million 
for the same period in 2011. The 2011 results included catastrophe provisions 
of $84 million relating to the earthquake events in Japan and New Zealand.

Total sales for the twelve months ended December 31, 2012 were $3.7 billion 
compared to $4.1 billion in 2011.

Total assets under administration at December 31, 2012 increased to $75 
billion from $70 billion at December 31, 2011.

CORPORATE

For the three months ended December 31, 2012, Lifeco Corporate had a net loss 
of $139 million compared to net earnings of $120 million in the fourth quarter 
of 2011. Included in Lifeco Corporate net earnings were litigation 
provisions of $140 million in 2012 and net litigation provision releases of 
$124 million in 2011. Fourth quarter 2012 results include a decrease in 
reserves for uncertain tax positions which positively impacted net earnings 
by $20 million, partly offset by the impact of mark-to-market losses related 
to a macro balance sheet credit hedge of $8 million.

For the twelve months ended December 31, 2012, Lifeco Corporate had a net loss 
of $168 million compared to net earnings of $104 million for the same period 
in 2011 largely due to the change in litigation provisions noted above.

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 March 28, 2013 
to shareholders of record at the close of business February 28, 2013.

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 $0.33750 per share;
    --  Series Q First Preferred Shares of $0.321875 per share; and
    --  Series R First Preferred Shares of $0.3000 per share

all payable March 28, 2013 to shareholders of record at the close of business 
February 28, 2013.

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 $546 
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 action by the Company 
including statements made by the Company with respect to the expected benefits 
of acquisitions or divestitures are also forward-looking statements. 
Forward-looking statements are based on current expectations and projections 
about future events 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 made by the Company 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 required under IFRS, 
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 fourth quarter conference call and audio webcast will be 
held Thursday, February 7, 2013 at 3:30 pm (ET). The call and webcast can be 
accessed through www.greatwestlifeco.com or by phone at:
    --  Participants in the Toronto area:  416-340-8527
    --  Participants from North America: 1-877-240-9772
    --  Participants from Overseas:  Dial international access code
        first, then 800-2787-2090

A replay of the call will be available from February 7 to 14, 2013, and can be 
accessed by calling 1-800-408-3053 or 905-694-9451 in Toronto (passcode: 
8898149#). The archived webcast will be available on www.greatwestlifeco.com 
from February 8, 2013 until February 7, 2014.

Additional information relating to Lifeco, including the 2012 audited 
consolidated financial statements, Management's Discussion and Analysis 
(MD&A), Annual Information Form (AIF), and CEO/CFO certification 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 twelve months ended
                          December 31       September 30        December 31       December 31       December 31
                               2012               2012               2011              2012              2011

Premiums and                                                                                    
deposits:                                                                                                       

Life insurance,                                                                                 
guaranteed
annuities


  and insured
health products       $         4,827    $         4,940    $         4,334    $       18,820    $       17,293  
Self-funded                                                                                     
premium
equivalents
 (Administrative
services only
contracts)                        677                631                651             2,666             2,645  
Segregated funds                                                                                
deposits:                                                                                                        
  Individual                                                                                
products                        2,072              1,490              1,829             6,557             7,345  
  Group                                                                                     
products                        2,216              1,681              1,777             7,262             6,117  
Proprietary                                                                                     
mutual funds and
institutional
deposits                        6,880              6,779              5,624            24,496            28,888  
Total premiums                                                                                  
and deposits                   16,672             15,521             14,215            59,801            62,288  
                                                                                                             
Fee and other                                                                                   
income                            767                720                740             2,945             2,903  
Paid or credited                                                                                
to policyholders                5,122              6,607              6,340            22,451            23,043  
Operating                                                                                       
earnings - 
common
shareholders                      493                520                500             1,955             1,898  
Net earnings -                                                                                  
common
shareholders                      353                520                624             1,815             2,022  
Per common share                                                                                                 
  Operating                                                                                 
earnings              $         0.520    $         0.547    $         0.528    $        2.059    $        2.000  
  Basic                                                                                     
earnings                        0.373              0.547              0.657             1.912             2.129  
  Dividends                                                                                 
paid                           0.3075             0.3075             0.3075            1.2300            1.2300  
  Book value                13.18              13.01              12.61                                      
Return on common shareholders' equity (trailing four quarters*):   
  Operating                                                                                 
earnings                        15.9%              16.1%              16.6%                                      
  Net                                                                                       
earnings                        14.7%              17.1%              17.6%                                      
  Total                                                                                     
assets                $       253,718    $       249,043    $       238,768                                      
  Proprietary                                                                               
mutual funds and
institutional net
assets                        134,598            131,604            125,390                                      
  Total                                                                                     
assets under
management                    388,316            380,647            364,158                                      
  Other                                                                                     
assets under
administration                157,455            151,604            137,807                                      
  Total                                                                                     
assets under
administration        $       545,771    $       532,251    $       501,965                                      
Total equity          $        17,586    $        17,004    $        16,104                                      


                                                                                                                

The Company uses operating earnings, a non-International Financial Reporting 
Standards financial measure, which excludes the impact of certain litigation 
provisions described in note 30 the Company's December 31, 2012 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                    For the years
                                      ended December 31                   ended December 31
                                    2012             2011             2012              2011

Income                                                                                         
      Premium income                                                                           


        Gross           $       5,763    $       5,033    $       21,839    $       20,013 
premiums written 
        Ceded                   (936)            (699)                                     
premiums                                                             (3,019)           (2,720)  
  Total net                     4,827            4,334            18,820            17,293 
premiums 
  Net investment                                                                           
income 
        Regular                 1,361            1,365             5,653             5,538 
net investment income 
        Changes                   182            1,564             2,643             4,164 
in fair value through
profit or loss 
  Total net                     1,543            2,929             8,296             9,702 
investment income 
  Fee and other                   767              740             2,945             2,903 
income 
                                7,137            8,003            30,061            29,898  
Benefits and expenses                                                                           
  Policyholder                                                                             
benefits 
       Insurance                                                                           
and investment
contracts 


                Gross               4,377            4,174            17,431            16,591 
                Ceded               (399)            (284)                                     
                                                                     (1,457)           (1,217) 


  Total net                     3,978            3,890            15,974            15,374 
policyholder benefits 
  Policyholder                    292              309             1,437             1,424 
dividends and
experience refunds 
  Change in                       852            2,141             5,040             6,245 
insurance and
investment contract
liabilities 
  Total paid or                 5,122            6,340            22,451            23,043 
credited to
policyholders 


                                                                                               
      Commissions                     515              409             1,781             1,548 


  Operating and                   642              142             2,572             1,950 
administrative
expenses 
  Premium taxes                    75               76               293               264  
  Financing                        71               73               285               289 
charges 
  Amortization of                  24               28               103               100 
finite life
intangible assets 
Earnings before                       688              935             2,576             2,704 
income taxes 
Income taxes                           98              181               368               465  
Net earnings before                   590              754             2,208             2,239 
non-controlling
interests 
Attributable to                       205              106               278               121 
non-controlling
interests 
Net earnings                          385              648             1,930             2,118  
Preferred share                        32               24               115                96 
dividends 
Net earnings - common       $         353    $         624    $        1,815    $        2,022 
shareholders 


                                                                                               

Earnings per common                                                                            
share
     Basic                  $       0.373    $       0.657    $        1.912    $        2.129 
     Diluted                $       0.372    $       0.651    $        1.900    $        2.112 
                                                                                   

CONSOLIDATED BALANCE SHEETS (unaudited)
(in Canadian $ millions)
                                                      December 31
                                           2012                 2011

Assets                                                                 

Cash and cash equivalents         $         1,895      $         2,056 

Bonds                                      82,536               78,073 

Mortgage loans                             17,875               17,432 

Stocks                                      7,098                6,704 

Investment properties                       3,525                3,201 

Loans to policyholders                      7,082                7,162 
                                          120,011              114,628 

Funds held by ceding                       10,537                9,923 
insurers

Goodwill                                    5,397                5,401 

Intangible assets                           3,115                3,154 

Derivative financial                          997                  968 
instruments

Owner occupied properties                     514                  491 

Fixed assets                                  154                  137 

Reinsurance assets                          2,064                2,061 

Other assets                                4,893                4,283 

Deferred tax assets                         1,088                1,140 

Investments on account of                 104,948               96,582 
segregated fund
policyholders

Total assets                      $       253,718      $       238,768 
                                                                       

Liabilities                                                            

Insurance contract                $       119,919      $       114,730 
liabilities

Investment contract                           739                  782 
liabilities

Debentures and other debt                   4,283                4,313 
instruments

Funds held under                              335                  169 
reinsurance contracts

Derivative financial                          342                  316 
instruments

Other liabilities                           4,579                4,287 

Deferred tax liabilities                      868                  929 

Repurchase agreements                           -                   23 

Capital trust securities                      119                  533 

Investment and insurance                                
contracts on account of
segregated fund
  policyholders                           104,948               96,582 

Total liabilities                         236,132              222,664 
                                                                       

Equity                                                                 

Non-controlling interests                                              


  Participating                         2,505                2,227 
account surplus in
subsidiaries 
  Non-controlling                           5                    3 
interests in subsidiaries 
Shareholders' equity                                                    
  Share capital                                                     
        Preferred                       2,544                1,894 
shares 


            Common shares                   5,848                5,828 
      Accumulated surplus                   6,954                6,327 


  Accumulated other                     (330)                (233) 
comprehensive loss 
  Contributed surplus                      60                   58  
Total equity                               17,586               16,104  
Total liabilities and             $       253,718      $       238,768 
equity 


                                                          

Segmented Information (unaudited)

Consolidated Net Earnings

The major reportable segments of the Company are Canada, United States, Europe 
and Lifeco Corporate. These segments reflect the Company's management 
structure and internal financial reporting and are aligned to its geographic 
operations. Each of these segments operates in the financial services 
industry and the revenues from these segments are derived principally from 
life, health and disability insurance, annuity products, investment management 
services, savings products and life, property and casualty, accident and 
health reinsurance. Business activities that are not associated with the 
specific business units are attributed to the Lifeco Corporate segment.

Transactions between operating segments occur at market terms and conditions 
and have been eliminated upon consolidation.

The Company has established a capital allocation model to better measure the 
performance of the operating segments. This segmented information is 
presented below.

For the three months ended                                                                          
December 31, 2012
                                           United                           Lifeco                  
                          Canada           States           Europe       Corporate           Total

Income:                                                                                             

 Premium income     $       2,468    $         984    $       1,375    $         -    $       4,827 

 Net investment                                                                                     
income


Regular net                603              326              441            (9)            1,361 
investment
income 
Changes in                (97)               34              245              -              182 
fair value
through profit
or loss 
 Total net                    506              360              686            (9)            1,543 
investment
income 
 Fee and other                283              314              170              -              767 
income 
Total income                3,257            1,658            2,231            (9)            7,137  
                                                                                                 
Benefits and                                                                                        
expenses: 
 Paid or                    2,171            1,163            1,788              -            5,122 
credited to
policyholders 
 Other                        502              368              219            143            1,232  
 Financing                     32               34                4              1               71 
charges 
 Amortization                  12               10                2              -               24 
of finite life
intangible
assets 
                                                                                                 
Earnings before               540               83              218                             688 
income taxes                                                                 (153)  


                                                                                                    

Income taxes                   69              (1)               52                              98 
                                                                              (22) 
                                                                                                    

Net earnings                                                                                        
before
non-controlling

 interests                    471               84              166                             590 
                                                                             (131) 
                                                                                                    

Non-controlling               206                4              (5)              -              205 
interests
                                                                                                    

Net earnings                  265               80              171                             385 
                                                                             (131) 
                                                                                                    

Preferred share                21                -                5              6               32 
dividends
                                                                                                    

Net earnings                  244               80              166                             353 
before capital                                                               (137) 
allocation

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

Net earnings -      $         263    $          77    $         152    $     (139)    $         353 
common
shareholders
                                                                                         

For the three months ended                                                                          
December 31, 2011
                                           United                           Lifeco                  
                          Canada           States           Europe       Corporate           Total

Income:                                                                                             

 Premium income     $       2,424    $         820    $       1,090    $         -    $       4,334 

 Net investment                                                                                     
income


Regular net                701              331              479                           1,365 
investment                                                                   (146) 
income 
Changes in                 778              (7)              793              -            1,564 
fair value
through profit
or loss 
 Total net                  1,479              324            1,272                           2,929 
investment                                                                   (146) 
income 
 Fee and other                266              304              170              -              740 
income 
Total income                4,169            1,448            2,532                           8,003  
                                                                         (146)  
                                                                                                 
Benefits and                                                                                        
expenses: 
 Paid or                    3,255              956            2,129              -            6,340 
credited to
policyholders 
 Other                        415              343              157                             627  
                                                                         (288)  
 Financing                     34               34                4              1               73 
charges 
 Amortization                  10               12                6              -               28 
of finite life
intangible
assets 
                                                                                                 
Earnings before               455              103              236            141              935 
income taxes 
                                                                                                 
Income taxes                  114               23               26             18              181  
                                                                                                 
Net earnings                                                                                        
before
non-controlling 
 interests                    341               80              210            123              754  
                                                                                                 
Non-controlling                99              (1)                8              -              106 
interests 
                                                                                                 
Net earnings                  242               81              202            123              648  
                                                                                                 
Preferred share                18                -                6              -               24 
dividends 
                                                                                                 
Net earnings                  224               81              196            123              624 
before capital
allocation 
Impact of                      20              (2)             (15)            (3)                - 
capital
allocation 
Net earnings -      $         244    $          79    $         181    $       120    $         624 
common
shareholders 


                                                                                         

For the twelve months ended                                                                           
December 31, 2012
                                            United                           Lifeco                   
                           Canada           States           Europe       Corporate            Total

Income:                                                                                               

 Premium income     $        9,581    $       3,390    $       5,849    $         -    $       18,820 

 Net investment                                                                                       
income


Regular net               2,542            1,309            1,814                            5,653 
investment                                                                     (12) 
income 
Changes in                  658              476            1,509              -             2,643 
fair value
through profit
or loss 
 Total net                   3,200            1,785            3,323                            8,296 
investment                                                                     (12) 
income 
 Fee and other               1,101            1,226              618              -             2,945 
income 
Total income                13,882            6,401            9,790                           30,061  
                                                                           (12)  
                                                                                                   
Benefits and                                                                                          
expenses: 
 Paid or                     9,770            4,437            8,244              -            22,451 
credited to
policyholders 
 Other                       2,414            1,371              701            160             4,646  
 Financing                     131              135               18              1               285 
charges 
 Amortization                   45               48               10              -               103 
of finite life
intangible
assets 
Earnings before              1,522              410              817                            2,576 
income taxes                                                                  (173)  


                                                                                                      

Income taxes                   212               68              115                              368 
                                                                               (27) 
                                                                                                      

Net earnings                                                                            
before
non-controlling                                                                     
interests                    1,310              342              702          (146)             2,208 
                                                                                                      

Non-controlling                269                3                6              -               278 
interests
                                                                                                      

Net earnings                 1,041              339              696                            1,930 
                                                                              (146) 
                                                                                                      

Preferred share                 79                -               22             14               115 
dividends
                                                                                                      

Net earnings                   962              339              674                            1,815 
before capital                                                                (160) 
allocation
                                                                                                      

Impact of                       78             (14)             (56)            (8)                 - 
capital
allocation
                                                                                                      

Net earnings -      $        1,040    $         325    $         618    $     (168)    $        1,815 
common
shareholders
                                                                                          

For the twelve months ended                                                                           
December 31, 2011
                                            United                           Lifeco                   
                           Canada           States           Europe       Corporate            Total

Income:                                                                                               

 Premium income     $        9,285    $       3,126    $       4,882    $         -    $       17,293 

 Net investment                                                                                       
income


Regular net               2,470            1,311            1,891                            5,538 
investment                                                                    (134) 
income 
Changes in                1,853              454            1,857              -             4,164 
fair value
through profit
or loss 
 Total net                   4,323            1,765            3,748                            9,702 
investment                                                                    (134) 
income 
 Fee and other               1,088            1,232              583              -             2,903 
income 
Total income                14,696            6,123            9,213                           29,898  
                                                                          (134)  
                                                                                                   
Benefits and                                                                                          
expenses: 
 Paid or                    10,971            4,229            7,843              -            23,043 
credited to
policyholders 
 Other                       2,207            1,240              586                            3,762  
                                                                          (271)  
 Financing                     136              134               18              1               289 
charges 
 Amortization                   41               46               13              -               100 
of finite life
intangible
assets 
Earnings before              1,341              474              753            136             2,704 
income taxes 
                                                                                                   
Income taxes                   252               98               96             19               465  
                                                                                                   
Net earnings                                                                                          
before
non-controlling 
 interests                   1,089              376              657            117             2,239  
                                                                                                   
Non-controlling                108              (1)               14              -               121 
interests 
                                                                                                   
Net earnings                   981              377              643            117             2,118  
                                                                                                   
Preferred share                 73                -               23              -                96 
dividends 
                                                                                                   
Net earnings                   908              377              620            117             2,022 
before capital
allocation 
                                                                                                   
Impact of                       78              (7)             (58)                                - 
capital                                                                        (13) 
allocation 
                                                                                                   
Net earnings -      $          986    $         370    $         562    $       104    $        2,022 
common
shareholders 
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/February2013/07/c3397.html 
CO: Great-West Lifeco Inc.
ST: Manitoba
NI: INS ERN  
-0- Feb/07/2013 18:03 GMT
 
 
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