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Great-West Lifeco Inc. is a financial services holding company that operates in the life insurance, health insurance, retirement savings, investment management, and reinsurance industries. The corporation operates in Canada, the US, Europe, and Asia. Additionally, the corporation is mainly operates 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 approximately $339 billion in assets, and are part of the Power Financial Corporation group of companies.(ref 5)
Lifeco has operations in Canada, the US, Europe, and Asia through its companies, which include Canada Life and Putnam. These companies offer a broad portfolio of financial services such as life insurance, wealth protection and management, reinsurance, and benefit plan solutions for individuals and businesses.(ref) The companies market their products through brokers, consultants, group representatives, and through other financial institutions.(ref)
On April 1, 2008, Lifeco sold its health care business. The corporation made US$2.25 billion, which was then available for other purposes, such as paying down debt. Net income received from this business is now counted as discontinued operations on Lifeco's balance sheet.
|Increase in Premium Income||-||5.6%||60.0%|
Great-West Lifeco divides its operations into three segments based on both geography and the corporate structure of the companies. These segments are Canada, the United States, and Europe.
The major brands in the Canadian segment are Great-West Life, London Life, Canada Life, Freedom 55 Financial, and Quadrus. Its main products are life insurance for groups and individuals, retirement savings and income plans for groups and individuals, fund management, comprehensive benefit solutions for businesses, and creditor insurance.(ref 6)
The major brands in the US segment are Great-West Life & Annuity, First Great-West Life & Annuity, Great-West Retirement Services, FASCore, Advised Assets Group, and Maximum Series Funds. These brands provide employer-sponsored defined contribution plans, administrative services, fund management, variable life insurance and annuities, and business-owned life insurance and executive benefit plans. Additionally, Putnam provides global asset management and investment strategies while PanAgora Asset Management provides active portfolio management and research reports.(ref 6)
In the European segment, Canda Life offers protection and wealth management services including life insurance, pensions, savings, annuities, and fund management. Additionally, Canada Life Reinsurance and London Reinsurance Group provide reinsurance services for life, property and casualty insurance and annuity companies.(ref 6)
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