Great-West Lifeco Inc. is a Canadian insurance centered financial holding company (corporation) that operates in North America (Canada and USA), Europe and Asia through 5 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 and Putnam Investments, LLC) are managed by US based subsidiary Great-West Lifeco US Inc. Great-West Lifeco is indirectly controlled by Montreal billionaire Paul Desmarais through his stake in the Power Corporation of Canada (owned by the family since 1968) which owns 72% (down slightly from 74.6% in 2005) of Great-West Lifeco.
In the first half of 2011 premium income made up 63.99% of total revenue up from 56.07%. The hyphen in the company’s name was originally a typesetter’s error.
For the three months ended June 2013, 63% of revenue originated in Canada, 26% from the US, 10% from Europe. Group retirement products (Canadian sales up 49%) and 401k markets (US Great West Financial sales up 34%) remain key areas of growth for the company.
Lower UK wealth management single premiums negatively affected growth. Boston-based Putnam Investments accounts for nearly a quarter of all assets under administration. Approximately half of company profit comes from Canada, a third from Europe and the rest of the United States. In the third quarter of 2010 British sales outpaced all other regions with 45% growth followed by the USA financial services business (up 41%).
In 2009 100% owned subsidiary London Life ranked 14th among Canada’s largest private companies.
Traded as: TSX: GWO
Industry: Financial services and insurance
Founded: 1891 (as The Great-West Life Assurance Company)
Founder: Jeffry Hall Brock
Headquarters: Winnipeg, Manitoba, Canada
Owner: Power Financial (66.9%)
Subsidiaries:
- Canada Life
- Great-West Lifeco U.S. LLC
- Empower Retirement
- Putnam Investments
Website: www.greatwestlifeco.com