Great-West Lifeco

Great-West Lifeco Inc.
Company typePublic
TSX: GWO
ISINCA39138C1068
IndustryFinancial services and insurance
Founded1891; 133 years ago (1891) (as The Great-West Life Assurance Company)
FounderJeffry Hall Brock[1]
Headquarters
Winnipeg, Manitoba
,
Canada
Key people
Paul A. Mahon (President & CEO)
R. Jeffrey Orr (Chairman)
RevenueCA$60.6 bil Ytd Dec'2020
Increase65.9%[2]
CA$40.0 bil Ytd Dec'2020Increase64.8%[3]
AUMCA$2.0 Trillion Dec'2020Increase[4]
Total assetsCA$2.0 Trillion Dec 31, 2020Increase29.99%[4]
OwnerPower Financial (66.9%)[5]
Number of employees
24,500 (2020)[4]
SubsidiariesCanada Life[5]
Great-West Lifeco U.S. LLC[6]
Empower Retirement
Websitewww.greatwestlifeco.com

Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America (Canada and United States), Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has indirect control over are part of its largest subsidiary, The Canada Life Assurance Company; the others (Great West Life & Annuities Financial Inc.) are managed by Great-West Lifeco U.S. LLC, a U.S. based subsidiary. Great-West Lifeco is indirectly controlled by Montreal billionaire Paul Desmarais Jr. through his stake in the Power Corporation of Canada (owned by the Desmarais family since 1968), which owns 72% (down slightly from 74.6% in 2005) of Great-West Lifeco.[7][8] The hyphen in the company's name was originally a typesetter's error.[citation needed]

For the three months ending June 2013, 63% of revenue originated in Canada, 26% from the U.S., and 10% from Europe. Group retirement products (Canadian sales up 49%) and 401k markets (U.S. Great West Financial sales up 34%) remain key areas of growth for the company.[2] Lower U.K. wealth management single premiums negatively affected growth. Approximately half of company profit comes from Canada, a third from Europe and the rest from the United States. In the first half of 2011, premium income made up 63.99% of total revenue, up from 56.07%.[9] In the third quarter of 2010, British sales outpaced all other regions with 45% growth, followed by the U.S. financial services business (up 41%).[10] In 2009, 100% owned subsidiary London Life ranked 14th among Canada's largest private companies.[11]

  1. ^ "Jeffry Hall Brock (1850-1915)". Retrieved January 8, 2011.
  2. ^ a b "2020 4Q Report". December 31, 2020.
  3. ^ "2020 Annual Information Form".
  4. ^ a b c "Great-West Lifeco Inc. Hoovers". Retrieved December 31, 2019.
  5. ^ a b "Organization Chart". Power Corporation of Canada. Retrieved August 23, 2020.
  6. ^ "Our companies". Great-West Lifeco Inc. Retrieved August 23, 2020.
  7. ^ Cite error: The named reference nytimes was invoked but never defined (see the help page).
  8. ^ "Variable Annuity I Serr Acc of Fir Grt West Li & Annu Ins Co, Form 485APOS, Filing Date Feb 25, 2005". secdatabase.com. Retrieved May 15, 2018.
  9. ^ "Great-West Lifeco 2011 Second Quarter Report" (PDF). August 2011.
  10. ^ "Great-West Lifeco 2010 Third Quarter Report revenue, income on page 31 of 33" (PDF). November 10, 2010.
  11. ^ "Rankings of Canada's 350 biggest private companies". The Globe and Mail. Toronto. June 18, 2010.