Great West Life & Annuity Insurance Company

Great West Life & Annuity Insurance Company – WINNIPEG, MB , April 4, 2022 /CNW/ – Great-West Lifeco announced today that Empower, a US subsidiary, has completed the previously announced acquisition of Prudential Financial Inc’s comprehensive retirement business.

Following the completion of the acquisition, Empower’s US reach expanded to more than 17.1 million retirement plan participants and assets under administration.

Great West Life & Annuity Insurance Company

Great West Life & Annuity Insurance Company

Paul Mahon, Chairman and CEO of Great-West Lifeco, said: “We are pleased that this strategic transaction has advanced Great-West Lifeco’s value creation priorities and accelerated our growth and demonstrated immediate revenue growth through cost synergies. and income. “Empower and its customers benefit from significant additional scale and capabilities that strengthen Empower’s leadership position in the world’s largest retirement market.”

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With a strong margin and profile profile, the Prudential business acquired by Empower includes diversified capabilities across all plan types, and a significant presence in the highly attractive segment of the small and medium corporate market.

For more than 17 million pension plan participants and is the second largest pension plan of record for all participants.

Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; Small, medium and large corporate 401(k) clients; 403(b) not-for-profit entities; private label accounting clients; and IRA clients. Personal Capital, a subsidiary of Empower, is an industry-leading hybrid wealth manager. For more information, visit and connect with us on Facebook, Twitter, LinkedIn and Instagram.

About Great-West Lifeco Inc. 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 Canada Life, Empower, Putnam Investments and Irish Life brands. By the end of 2021, our companies had approximately 28,000 employees, 215,000 advisory relationships and thousands of distribution partners – all serving more than 33 million customer relationships in these regions. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the symbol GREAT and is a member of the Power Corporation group of companies. For more information, visit

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Cautionary Note Regarding Forward-Looking Information. Forward-looking statements include statements that are predictive, dependent on or refer to future events or conditions, or contain words such as “will,” “may,” “expect,” “predict,” “intend,” “plan .” , “believe,” “estimate,” “objective,” “target,” “potential” and other similar expressions or negative versions thereof. These statements include, without limitation, statements about Great-West Lifeco’s strategy and growth prospects and the expected benefits of the acquisition of the Prudential Retirement Services business (including economies of scale, value creation and revenue and cost synergies).

Forward-looking statements are based on expectations, forecasts, estimates, forecasts, projections and conclusions about future events that were current at the time of the statements and are inherently subject to, among other things, risks, uncertainties and assumptions of Great-West Lifeco. . , economic factors and the financial services industry in general, including insurance, mutual funds and pension solutions. Future performance is not guaranteed and readers are cautioned that actual events and results may differ materially from those expressed or implied by forward-looking statements. Specifically, when considering revenue accretion related to prudential acquisitions, management has estimated certain forward earnings forecasts based on the following assumptions: USD-CAD exchange rate of 1.25; pre-tax cost synergies of $180 million and pre-tax revenue synergies of $20 million; additional financing costs and investment income of $97 million; and amortization of intangible assets. Many of these assumptions are based on factors and events beyond Great-West Lifeco’s control, and there can be no assurance that they will prove to be correct. Whether actual results differ from forward-looking information may depend on many factors, developments and assumptions, including, without limitation, the severity, scope and impact of the COVID-19 pandemic (including the effects of the COVID-19 pandemic and the response of governments and other businesses to the COVID-19 pandemic on the economy and Great-West Lifeco’s financial results, financial condition and operations), the duration of the impact of COVID-19 and the availability and use of vaccines, the effectiveness of vaccines, the emergence of variants of COVID-19 , sales assumptions, commission rates, asset divestitures, deficits, plan contributions, refunds and market returns, the ability to integrate private company acquisitions (private equity), and retirement services businesses. Massachusetts Mutual Life Insurance Company (MassMutual) and Prudential’s, Empower’s, Personal Capital and MassMutual’s and Prudential’s retirement services businesses and achieving anticipated synergies, consumer behavior (including consumer response to new products), Great-West Lifeco’s reputation, market value products supplied, sales level, premium income, commission income, expense level, mortality, morbidity experience, policy and plan termination rates, net participant contributions, reinsurance arrangements, liquidity requirements, capital requirements, credit rating, taxes, inflation, interest and exchange rates. , investment value, hedging activities, global equity and capital markets (including continued access to capital and debt markets), industry sectors and financial conditions of individual debt issuers (including events and volatility resulting from the COVID-19 pandemic) . h, particularly in certain industries that may comprise part of Great-West Lifeco’s investment portfolio), business competition, impairment of goodwill and other intangible assets, Great-West Lifeco’s ability to execute strategic plans and changes in strategic plans, changes technological, informational. Violations or failures of systems and security (including cyber attacks), payments required for investment products, changes in local and international laws and regulations, changes in accounting regulations and the effect of use. Changes in future accounting policies, changes in actuarial standards, unexpected legal or regulatory proceedings, catastrophic events, continuity and availability of personnel and third-party service providers, Great-West Lifeco’s ability to complete strategic transactions and integration acquisitions, unplanned material changes in Great-West Lifeco West Lifeco. Lifeco’s facilities, customer and employee relations or credit arrangements, levels of administrative and operational efficiency, changes in the sales organization and other general economic, political and market factors in North America and internationally.

The reader is cautioned that the above list of assumptions and factors is not exhaustive and may include additional factors listed in securities regulatory filings, including factors set forth in Great-West Lifeco’s management review and analysis for the year ended December 31, 2021 “Summary of Risk Management and Control Practices” and “Critical Accounting Estimates” and “Risk Factors” in Great-West Lifeco’s annual information form dated February 9, 2022, which, among other documents, is available for review at www. Readers are also cautioned to consider these and other factors, uncertainties and potential events carefully and not to place undue reliance on forward-looking information.

Great West Life & Annuity Insurance Company

Except as required by applicable law, Great-West Lifeco does not intend to update any forward-looking information, whether as a result of new information, future events or otherwise.

Hong Kong Business (october December 2020) By Charlton Media Group

As of April 1, 2021. The information relates to the retirement business of Great-West Life & Annuity Insurance Company (“GWLA”) and its subsidiaries, including Empower Retirement, LLC, Great-West Life & Annuity Insurance Company of New York (“GWLANY “) and Prudential Retirement. Insurance and Annuity Company (“PRIAC”), branded under the Empower brand. The assets represent the estimated consolidated assets of all of the pension businesses of Empower Administered (“AUA”) and Prudential Financial, Inc. as of December 31, 2021. AUA is a non-GAAP financial measure and does not reflect a company’s financial stability or strength. Additional information about this measure is incorporated by reference and can be found in “Non-GAAP Financial Measures and Reports” in Great-West Lifeco’s 2021 Annual Management Discussion and Analysis, available on SEDAR at As of December 31, 2021, GWLA has legal assets of $75.9B and liabilities of $73.0B, GWLANY has legal assets of $4.1B and liabilities of $3.9B, and PRIAC has legal assets of $100.329B $3.

Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, pension and investment services, asset management and reinsurance businesses. We operate under brands in Canada, USA and Europe… Email, link or fax. You can also download, export or print.

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How long does it take to process my complaint? Canada Life processes all health and dental claims within 7 calendar days of receiving the plan. Please note: These timelines are for standard plans only. Actual timelines may vary depending on the plan and complexity of the claim.

Effective January 1, 2020, Great-West Life, London Life, and Canada Life and their holding companies, Canada Life Financial Corporation and London Insurance Group Inc., are merging into one company, Canada Life Assurance Company.

In the case of a life claim, you must file the claim within one year of the certificate holder’s death. For all other claims, you must file the claim within 90 days or the time stated on your certificate, whichever is shorter. If you are not satisfied with the decision, you can appeal at any time.

Great West Life & Annuity Insurance Company

How to apply for a life insurance policy Contact the insurance company or agent. They should be able to

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