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2019 Annual Report CORPORATE PROFILE 2019 Annual Report CORPORATE PROFILE Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. We operate in Canada, the United States and Europe under the brands Canada Life, Empower Retirement, Putnam Investments and Irish Life. At the end of 2019, our companies had approximately 24,000 employees, 197,000 advisor relationships, and thousands of distribution partners – all serving our more than 31 million customer relationships across these regions. Great-West Lifeco and its companies have over $1.6 trillion in consolidated assets under administration as at December 31, 2019, and are members of the Power Corporation group of companies. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO. To learn more, visit greatwestlifeco.com. Contents 2019 AT A GLANCE Our Brands . 1 24,000+ Financial Highlights. 2 Employees supporting our customers Directors’ Report to Shareholders ..................4 Business Highlights: Risk and Capital Solutions ..........7 Business Highlights: 31+ M 170+ Workplace .....................8 Customer relationships More than 170 years of delivering Business Highlights: on the promises we have made Advice and Wealth Solutions. 10 Business Highlights: Investment and Asset Management . 12 Sustainability and $37+B $2,359B Community Highlights ...........14 Benefits paid to customers Earnings Management’s Discussion and Analysis ...................16 Financial Reporting Responsibility ...93 Consolidated Financial Statements ..94 Independent Auditor’s Report . 169 $17+M $2,785B Sources of Earnings. 171 * Contributed to communities Adjusted earnings Five-Year Summary .............173 Directors and Senior Officers. 174 Shareholder Information . 175 greatwestlifeco.com Organizational Chart ............ IBC Visit our website to get a digital copy 197,000+ of our annual report and access more information, such as our current The financial information in this report is presented Advisor relationships supporting in millions of Canadian dollars for the period ended credit ratings. December 31, 2019, unless otherwise indicated. our customers Readers are referred to the Cautionary Notes regarding * Presented on an adjusted basis, a non-IFRS measure. forward-looking information and non-IFRS financial measures on page 16. Our Brands Great-West Lifeco operates in Canada, the United States and Europe through Canada Life, Empower Retirement, Putnam Investments and Irish Life. Canada Europe and Reinsurance United States Effective January 1, 2020, The In Europe, Canada Life and Irish Empower Retirement serves all Great-West Life Assurance Company, Life provide insurance and wealth segments of the employer-sponsored London Life Insurance Company and management products and retirement plan market. Empower The Canada Life Assurance Company, services, including payout annuities, also offers individual retirement and their holding companies, Canada investments and group insurance in accounts. Putnam is a U.S.-based Life Financial Corporation and London the United Kingdom; investments and global asset manager offering a range Insurance Group Inc., became one individual insurance in the Isle of Man; of investment management strategies, company – The Canada Life pensions, critical illness and disability including fixed income, equity, Assurance Company. insurance in Germany; and, in Ireland, environmental, social and governance As a leading Canadian insurer with life and health insurance, pension and (ESG), global asset allocation and interests in life insurance, health investment products. alternatives, such as absolute return, insurance, retirement savings, The Europe segment comprises two risk parity and hedge funds. The investment management and distinct business units: Insurance & firm’s affiliate, PanAgora, is a premier reinsurance businesses, primarily in Annuities, which offers protection provider of institutional investment Canada and Europe, Canada Life and wealth management products, solutions, including alternatives, risk serves the financial security needs of including payout annuity products, premia – including risk parity – and more than 13 million people. through subsidiaries of Canada Life in active strategies, spanning all major the United Kingdom (U.K.), the Isle of asset classes and risk ranges. Man and Germany as well as through Irish Life in Ireland; and Reinsurance, which provides capital and risk solutions, and operates primarily in the U.S., Barbados and Ireland. Effective January 1, 2020, following the amalgamation of Great-West Life, London Life and Canada Life, the Reinsurance business will be operated through the Canada Life branches, subsidiaries of Canada Life and an indirect subsidiary of Great-West Life & Annuity Insurance Company (GWL&A). Great-West Lifeco Inc. 2019 Annual Report 1 FINANCIAL HIGHLIGHTS Solid Performance Across Our Businesses Great-West Lifeco’s solid financial performance is evidenced by its strong capital position and financial flexibility, backed by strategies to drive growth through innovation and disciplined capital deployment. 2015 2015 2.77 2015 14.7 20.06 2016 2016 2.71 2016 14.1 19.76 2017 2017 2.68 2017 13.4 20.11 2018 2018 3.05 2018 14.3 22.08 2019 2019 2.94 $2.94 2019 13.813.8% 21.53 $21.53 Earnings Per Common Share Return on Common Book Value Per Common Share Shareholders’ Equity 14.7 22.08 3.05 14.3 21.53 2.94 14.1 13.8 20.06 2.77 13.4 19.76 20.11 2.71 2.68 2015 2016* 2017* 2018* 2019* 2015 2016* 2017* 2018* 2019* 2015 2016 2017 2018 2019 Diversified Earnings by Geography ** 0.0 0.2 0.4 0.6 0.8 1.0 37% 500 % 5 1310 %15 20 25 Canada Europe and United States 0 3 6 9 12 15 Reinsurance * Presented on an adjusted basis, a non-IFRS measure. ** Based on 2019 adjusted net earnings. 0.0 0.2 0.4 0.6 0.8 1.0 0.0 0.2 0.4 0.6 0.8 1.0 2 Great-West Lifeco Inc. 2019 Annual Report Dividends Paid We have a clear purpose to meet the diverse and changing needs of our customers and advisors. This purpose, combined with strong risk and expense discipline, is key to delivering long-term shareholder value. Common shares had an annual dividend yield of 6.08% 5-Year Compound $1.652 in 2019 5.3% Annual Growth Rate $1.556 $1.468 $1.384 $1.304 2015 2016 2017 2018 2019 2015 1.213 2015 105.0 2016 1.248 2016 117.50 2017 1.350 2017 123.1 2018 2.01.399 2018 139.3 2019 1.63 2019 $1.630T $150.6 B Total Assets Under Administration Premiums and Deposits Life Insurance (in Trillions) (in Billions) Capital Adequacy Test 1.630 150.6 1.5 139.3 1.399 1.350 123.1 117.5 1.213 1.248 105.0 1.0 135% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Great-West Lifeco Inc. 2019 Annual Report 3 0 50 100 150 200 DIRECTORS’ REPORT TO SHAREHOLDERS Jeffrey Orr Chair of the Board Paul Mahon President and Chief Executive Officer Great-West Lifeco has a long history of building value for its shareholders. Our market leadership is founded on strong brands, a diversified portfolio, and strategies to meet the diverse needs of our customers today and into the future. Across the regions where we operate, the company has been positioning its business for future growth and value creation, while navigating the challenges presented by low interest rates, technological disruption and rapidly changing consumer preferences. 4 Great-West Lifeco Inc. 2019 Annual Report Evolving our core strategies provided capacity to return capital to shareholders through the $2.0 billion substantial issuer bid we As we capitalize on opportunities and address executed in the second quarter. challenges, we’ve continued to evolve our core strategies: delivering financial security and Strengthening and leveraging wellness through the workplace, providing our brands advice-centred wealth management, delivering strong investment and asset management, and A core part of our strategy is how we position leveraging risk and capital management expertise. ourselves in the marketplace through branding and performance. In 2019, Great-West Lifeco took With a regional focus, we deliver financial several decisive actions to further crystalize what security and wellness by reaching a broad range our brands mean to our customers. of customers with workplace-delivered advice and solutions. This strategy complements our In Canada, where our roots date back more than capabilities in advice and wealth management, 170 years, we amalgamated our three Canadian which allows us to serve a wide range of customer life insurance companies under one strong brand: needs through our strong affiliations with advisor Canada Life. Operating under one brand will allow networks across all regions. us to sharpen our focus on growth, innovation and efficiency, while communicating more Our approach to investment and asset effectively with one strong voice. management helps drive globally diversified and Canada Life has also operated in Germany for regionally delivered solutions to meet the needs of almost 20 years. As markets have changed, this our individual customers and institutional clients. company has been investing in technology to And, our success in bulk annuities and reinsurance be more responsive to customers. It recently solutions for institutional clients is a testament to adopted the same modern logo as our Canadian our risk and capital expertise. operations, allowing us to leverage investments in Deploying capital to create value sponsorships that span national borders. Deploying capital to create
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