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2017 Annual Report GREAT-WEST LIFECO INC. GREAT-WEST Guiding our customers in a changing 2017 ANNUAL REPORT world GUIDING OUR CUSTOMERS IN A CHANGING WORLD 100 Osborne Street North, Winnipeg, Manitoba Canada R3C 1V3 www.greatwestlifeco.com A member of the Power Financial Corporation group of companies™ E987(17LIFECO)-3/18 Organization chart Corporate profile Great-West Lifeco Inc. is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Power Financial Great-West Lifeco has operations in Canada, the Corporation United States and Europe through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments. Great-West Lifeco and its companies have over $1.3 trillion in consolidated assets under administration and are members of the Great-West Lifeco Inc. Power Financial Corporation group of companies. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO. The Great-West Life Great-West Lifeco Assurance Company U.S. LLC Canada Life London GLC Asset GWL&A Putnam More online Financial Insurance Management Financial Inc. Investments, LLC Corporation Group Inc. Group Ltd. Visit our website to get a digital copy of our annual report and access more information, such as our current The Canada Life London Life Great-West Life & GWL Realty credit ratings. Assurance Insurance Annuity Insurance Advisors Inc. Company Company Company Greatwestlifeco.com Canada Life London Advised Great-West Contents Capital Reinsurance Assets Group, Capital Corporation Inc. Group Inc. LLC Management, LLC Financial Highlights 2 Key Metrics 3 The Canada Quadrus Great-West Directors’ Report to Shareholders 4 Life Group Investment FASCore, LLC Financial Retirement (U.K.) Limited Services Ltd. Plan Services, LLC Operating Highlights 8 Management’s Discussion and Analysis 16 Great-West Life & Canada Life Annuity Insurance Financial Reporting Responsibility 86 Limited Company of Consolidated Financial Statements 87 New York Independent Auditor’s Report 162 Irish Life Great-West Trust Group Sources of Earnings 163 Company, LLC Limited Five-Year Summary 165 Directors and Senior Officers 166 Irish Life GWFS Assurance Shareholder Information 167 Equities, Inc. p.l.c. Organization Chart Inside back cover The financial information in this report is presented in millions of Canadian dollars for the period ended December 31, 2017 unless otherwise indicated. This chart depicts the corporate relationships among Great-West Lifeco and its material and certain other subsidiaries as of December 31, 2017. Readers are referred to the Cautionary Notes regarding forward- Great-West Lifeco beneficially owns, directly or indirectly, 100% of the voting securities of each such subsidiary. looking information and non-IFRS financial measures on page 16 of this report. We’re investing in new technologies to allow our customers to connect with us when, where and how they choose. We’re developing innovative solutions to meet the evolving needs of diverse markets. And, more than ever, we’re providing the guidance to help customers feel confident in their choices. financial highlights Highlights Solid performance across our businesses Total Assets Under Premiums and Deposits Administration 1.350 123.1 117.5 1.248 1.213 105.0 1.063 90.0 76.7 .758 $1.350 $123.1 trillion billion 13 14 15 16 17 13 14 15 16 17 Delivering shareholder value Earnings Per Return on Common Common Share Shareholders’ Equity 2.77 15.7 2.71 2.68 15.2 14.7 2.55 14.1 13.4 2.11 $2.68 13.4% 13 1 14 15 16 2 17 2 13 1 14 15 16 2 17 2 Dividends Per Book Value Per Common Share Common Share 20.11 1.468 20.06 19.76 1.384 1.304 1.230 1.230 16.80 15.16 $1.468 $20.11 13 14 15 16 17 13 14 15 16 17 Information is presented on an operating1 or adjusted2 basis, non-IFRS financial measures. 2 Great-West Lifeco Inc. 2017 Annual Report key relationships Providing guidance, 30+ million flexibility and choice Customer relationships $30+ billion With more than 30 million customer Benefits paid to customers relationships worldwide, we provide guidance and innovative solutions to give customers more choice and flexibility to reach their goals. 23,300 Employees 260,000 Advisor relationships Great-West Lifeco Inc. 2017 Annual Report 3 directors report to shareholders Focused on customer outcomes in a changing world Delivering on our commitments today and for generations to come: Anticipating and meeting Our customers’ needs and expectations are being reshaped by technology, shifting demographics and the impacts of globalization. At the same time, our operating environment is being challenged by our customers’ changing continuing low interest rates, while regulators are becoming more needs for guidance, access focused on customer outcomes and heightened capital standards. Within this environment, Great-West Lifeco delivered solid results and transparency across all of our businesses in 2017. We sustained our strong and stable capital position and industry-leading credit ratings. We are finding the right balance between delivering solid results today, with investing in a strong foundation to drive sustainable growth in the future. While our approaches vary across our operating regions, they share a common strategy that is focused on customer outcomes in a changing world, and strong risk management to ensure we deliver on our current and future commitments. In the pages that follow, you’ll see examples of the many ways we are anticipating and meeting our customers’ needs for guidance, access and transparency. Jeffrey Orr Paul Mahon Chair of the Board President and Chief Executive Officer Advancing our understanding of diverse customer needs Customer needs are diverse and changing, driven by factors such as an aging boomer generation, young millennials becoming first-time customers, and the impact of globalization. We also know that customers expect services and products that are tailored to their unique needs and preferences. This is why we are developing a deeper understanding of the customer on a segmented basis, learning as we engage with customers across multiple touchpoints over a lifetime. In Canada, for example, we launched a pilot to help millennials save for the future while paying down student debt. In the United States, Empower Retirement’s income projection tool motivates plan members to step up their retirement savings based on their particular life situation and needs. Through investments in automation and innovation, we are focused on simplifying products, ensuring customers get good value, and providing service in multiple languages to meet the needs of our multicultural society. 4 Great-West Lifeco Inc. 2017 Annual Report We believe in the value of advice. Households that worked with an advisor grew assets by nearly 4 times compared to non-advised households. 2016 report: The Gamma Factor and the Value of Financial Advice, by the Center for Interuniversity Research and Analysis of Organizations (CIRANO) Advice is at the core of what we do, and our advisors are central In the United Kingdom we extended our reach through acquiring to our ability to deliver on our customers’ needs today and into Retirement Advantage, bringing 30,000 new customers and the future. A study by CIRANO in 2016 shows that households that expanding our retirement income offering with new innovative work with an advisor are significantly better off financially than products. In Ireland and Germany we are enabling stronger their peers. We have invested in enabling our advisors. In Canada capabilities to meet broker needs; and in Germany, building out for example, we created an integrated organization of leading new systems that extend our reach to group pension customers. independent advisors whose business owner and entrepreneur clients need specialized service and support. In the United States, In today’s online, interconnected world, our brands play an Putnam’s innovative analysis tool, FundVisualizer, helps advisors increasingly important role in helping extend our reach. In Canada, digitally evaluate and compare over 30,000 mutual funds, electronic we are reviewing our multiple brands to ensure they support a traded funds and indexes. changing, more digitally-connected customer. At the same time, the advisory landscape across the world is being reshaped by changing regulations. As a trusted market leader that brings global perspectives, we are actively engaging with regulators Investing in our people and and the industry to help shape regulatory outcomes for the benefit our communities to build a of consumers, while sustaining a strong advice channel. more sustainable future Our workforce is shifting from paper and physical process work to technology and knowledge-based jobs. We’re investing in training, Leveraging technology finding the right talent, and putting in place the building blocks to to enhance customer reach, meet the needs of a diverse and multicultural employee population, access and transparency reflective of our customers. Our internal leadership forums in 2017 featured sessions for our management teams on diversity We are leveraging technology such as automation, digital interfaces, and inclusion, unconscious bias training, leader measurement artificial intelligence and robotics to enhance customer reach, and succession planning. We are developing the next generation access and transparency. Our ultimate objective is to deliver a better
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