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Great-West Lifeco Inc. - 2020 Earnings, Price Target Update

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Great-West Life(GWO-TSX) is a financial services company with interests in the life insurance, health insurance, retirement savings, investment management and reinsurance businesses in Canada, the United States and Europe. Great-West Life Inc. operates in Canada as Canada Life, Great-West Life & Annuity Insurance Company, in the US as Putnam Investments, Empower Retirement (Colorado) and Irish Life Group Limited and Canada Life in Europe. Brands include Canada Life, Freedom 55 Financial, Irish Life, Empower Retirement, Putnam Investments and PanAgora. Operations are grouped into five segments: Canada, US, Europe, Capital and Risk Solutions and Corporate. Insurance products include life, accidental death and dismemberment, critical illness, health and dental protection, creditor, disability and critical illness insurance. Risk Markets included proprietary investment products, annuities and Capital markets are comprised of investments portfolios holding insurance reserves. Risk products include wealth, savings, income and annuities. Capital markets activities invest insurance reserves to generate income after providing for estimated claims. The products are distributed through a multi-channel network of brokers, advisors, managing general agencies and financial institutions. Approximately 10% of earnings are from the US with the balance split between Canada, Europe and the Capital Markets segments. Total assets are $600.5B including $334B of segregated funds compared to $451.2B and $231M of segregated funds at Dec-31-2019. There is an additional $1T under management for a total of $1.6T in assets as of Dec-31-2020. Approximately 60% of assets are in other than Canadian dollars.

Great-West Life Inc. is a member of the Power Corporation of Canada (POW) group of companies; its direct parent was Power Financial Corporation (PWF) which was merged with Power Corp. in Q4-2020. Power Corp owns 70.9% of Great-West Lifeco effective Jun-30-2020. Effective Apr-2019 Great-West Life, Canada Life and London Life were combined to operate under the Canada Life brand. Great-West Life(GWO) remains the reporting company.

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