WINNIPEG, Feb. 14, 2008 – Great-West Lifeco Inc. today announced that its indirect wholly-owned Irish reinsurance subsidiary, Canada Life International Re Limited, has signed an agreement with Standard Life Assurance Limited, a U.K. based provider of life, pension and investment products, to assume by way of indemnity reinsurance a large block of U.K. payout annuities. The reinsurance transaction will increase policyholder liabilities by approximately C$13 billion, with a corresponding increase in assets.
The transaction is expected to be accretive to earnings in 2008 and in subsequent years.
“We are very pleased that Canada Life International Re is completing this transaction, which capitalizes on our position in core European markets, and continues our expansion in Europe,” said Raymond L. McFeetors, President and Chief Executive Officer of Lifeco.
Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company with interests in the life insurance, health insurance, retirement savings, investment management and reinsurance businesses. The corporation has operations in Canada, the United States, Europe and Asia through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, Great-West Life & Annuity Insurance Company and Putnam Investments, LLC. Great-West Lifeco and its companies have approximately $400 billion in assets under administration and are members of the Power Financial Corporation group of companies. www.greatwestlifeco.com.Tags: Great-West Life