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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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