Thursday, November 8, 2012

GWO - Great-West Lifeco reports third quarter 2012 results (CAD 0.3075)

Company: Great-West Lifeco Inc
Stock Name: GWO
Amount: CAD 0.3075
Announcement Date: 08/11/2012
Record Date: 29/11/2012

Dividend Detail:




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:



    • 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.


    • 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.


    • 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.


    • 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 investment income

��

������������1,939��

��

������������983��

��

������������1,373��

��

������������(3)��

��

������������4,292��

������Changes in fair value through profit or loss

��

������������755��

��

������������442��

��

������������1,264��

��

������������-��

��

����������2,461��

��Total net investment income

��

������������2,694��

��

������������1,425��

��

������������2,637��

��

������������(3)��

��

����������6,753��

��Fee and other income

��

������������818��

��

������������912��

��

������������448��

��

������������-��

��

������������2,178��

Total income

��

������������10,625��

��

������������4,743��

��

������������7,559��

��

������������(3)��

��

����������22,924��

��

��

��

��

��

��

��

��

��

��

��

Benefits and expenses:

��

��

��

��

��

��

��

��

��

��

��Paid or credited to policyholders

��

������������7,599��

��

������������3,274��

��

������������6,456��

��

������������-��

����

��������17,329��

��Other

��

������������1,912��

��

������������1,003��

��

������������482��

��

������������17��

������

������3,414��

��Financing charges

��

������������99��

��

������������101��

��

������������14��

��

������������-��

��

������������214��

��Amortization of finite life intangible assets

��

������������33��

��

������������38��

��

������������8��

��

������������-��

��

������������79��

��

��

��

��

��

��

��

��

��

��

��

Earnings before income taxes

��

������������982��

��

������������327��

��

������������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 interests

��

������������63��

��

������������(1)��

��

������������11��

��

������������-��

��

������������73��

��

��

��

��

��

��

��

��

��

��

��

Net earnings

��

������������776��

��

������������259��

��

������������525��

��

������������(15)��

����

��������1,545��

��

��

��

��

��

��

��

��

��

��

��

Perpetual preferred share dividends

��

������������58��

��

������������-��

��

������������17��

��

������������8��

��

������������83��

��

��

��

��

��

��

��

��

��

��

��

Net earnings before capital allocation

��

������������718��

��

������������259��

��

������������508��

��

������������(23)��

����

��������1,462��

Impact of capital allocation

��

������������59��

��

������������(11)��

��

������������(42)��

��

������������(6)��

��

������������-��

Net earnings - common shareholders

$

��777��

$

��248��

$

��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��


��



��



��



SOURCE: Great-West Lifeco Inc.







For further information:

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









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