Jefferson Pilot Financial to Acquire Canada Life’s U.S. Group Insurance Business

WINNIPEG, MB, Jan. 14, 2004 – Great-West Lifeco Inc. (TSX: GWO) announced today that Jefferson-Pilot Corporation (NYSE:JP) has agreed to purchase the U.S. group business of its indirect subsidiary, The Canada Life Assurance Company. The transaction is expected to close during the first quarter of 2004, subject to regulatory approvals.

The Canada Life U.S. group business is operated from Atlanta, Georgia and consists of group life, disability and dental insurance. The business represents approximately $340 million (U.S.) in annual premium.

William T. McCallum, Co-President and Chief Executive Officer of Great-West Lifeco and President and Chief Executive Officer of Denver, Colorado based Great-West Life & Annuity Insurance Company said, “This sale will allow Great-West Life & Annuity to continue to focus on its core healthcare and retirement services businesses, and to redirect freed up capital back into these businesses.”

Jefferson-Pilot Financial President Dennis R. Glass said, “This acquisition will help Jefferson Pilot achieve its near term growth objectives. We are committed to working with Canada Life to assure a smooth and efficient transition to Jefferson Pilot for Canada Life’s current U.S. group customers, distribution systems and home office employees.”

About Great-West Lifeco

Great-West Lifeco Inc. is a financial services holding company with interests in the life insurance, health insurance, retirement savings, and reinsurance businesses. The Company has operations in Canada and internationally through The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company, and in the United States through Great-West Life & Annuity Insurance Company and The Canada Life Assurance Company. Lifeco and its companies, including Canada Life have more than $157 billion (Canadian) in assets under administration. Great-West Lifeco is a member of the Power Financial Corporation group of companies.