Great-West Lifeco Update on Irish Life Transaction

              Great-West Lifeco Update on Irish Life Transaction

  PR Newswire

  WINNIPEG, Manitoba, July 8, 2013

WINNIPEG, Manitoba, July 8, 2013 /PRNewswire/ --

TSX:GWO

Readers are referred to the cautionary note regarding Forward-Looking
Information and Non-IFRS Financial Measures at the end of this release. Not
for distribution to U.S. newswire services or for dissemination in the U.S.

Earlier today the Irish Supreme Court heard arguments involving the
recapitalization of the Irish Life & Permanent Group Holdings plc by the
Minister for Finance (Ireland) and the related appeal of a previously denied
injunction regarding the sale of Irish Life by the Minister. The court has
reserved judgment until July 19, 2013.As indicated in Great-West Lifeco's
July 5, 2013 press release, all conditions to its acquisition of Irish Life
Group Limited have been satisfied, other than payment of the purchase price.

As a result of today's developments, the Minister will not be able to close on
July 10, 2013 as expected. Great-West Lifeco remains confident and committed
to completing the purchase of Irish Life expeditiously.

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 Great-West Life, London Life, Canada Life, Great-West Financial and
Putnam Investments. Great-West Lifeco and its companies have $582 billion* in
assets under administration and are members of the Power Financial Corporation
group of companies.

* Assets as of March 31, 2013

Not for distribution to U.S. news wire services or dissemination in the United
States.

Cautionary Note Regarding Forward-Looking Information This release contains
some forward-looking statements about Great-West Lifeco, 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 Great-West Lifeco, including
statements with respect to the expected benefits of acquisitions or
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 Great-West Lifeco,
economic factors and the financial services industry generally, including the
insurance and mutual fund industries.

Material factors or assumptions that were applied in formulating the
forward-looking information contained herein include the assumption that the
business and economic conditions affecting Great-West Lifeco's and Irish
Life's respective operations will continue substantially in their current
state, including, without limitations, with respect to industry conditions,
general levels of economic activity, market prices for products provided,
business competition, continuity and availability of personnel and third party
service providers, local and international laws and regulations, foreign
exchange rates and interest rates, inflation, taxes, and that there will be no
unplanned material changes to Great-West Lifeco's or Irish Life's facilities,
customer and employee relations and credit arrangements. Forward-looking
statements 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, taxes, 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 Great-West Lifeco'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" and "Summary of
Critical Accounting Estimates" in Great-West Lifeco's 2012 Annual Management's
Discussion and Analysis and any listed in other filings with securities
regulators, which are available for review at http://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, Great-West Lifeco does not intend to
update any forward-looking statements whether as a result of new information,
future events or otherwise.

For further information:Marlene Klassen, APR Assistant Vice-President,
Communication Services +1-204-946-7705
 
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