Apr. 7, 2011 (Canada NewsWire Group) --
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Readers are referred to the cautionary note regarding Forward-Looking Information at the end of this release.
WINNIPEG, April 7, 2011 /CNW/ - Great-West Lifeco Inc. (TSX:GWO) today reported its estimate of financial loss related to all catastrophe activity in the first quarter of 2011.
The financial impact is essentially related to claims on property catastrophe retrocession coverage sold to property and casualty reinsurers by London Reinsurance Group Inc., an indirect subsidiary of Great-West Lifeco. Based on information currently available, the net financial loss to Great-West Lifeco shareholders related to all first quarter 2011 catastrophe activity is expected to be approximately CDN $75 million after-tax. The loss is primarily related to the recent earthquake and tsunami in Japan.
Great-West Lifeco recognizes the devastating impact that earthquake, tsunami and flooding catastrophes have had on the people of the region and we extend our sympathies to those who have been affected.
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. Lifeco 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. Lifeco and its companies have $484 billion* in assets under administration, and are members of the Power Financial Corporation group of companies.
*Assets as of December 31, 2010
Cautionary note regarding Forward-Looking Information
This release contains some forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, possible future Company action including statements made by the Company with respect to the expected benefits of acquisitions or divestitures are also forward-looking statements.
Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance and mutual fund industries. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company due to, but not limited to, important factors such as sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy lapse rates and taxes, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, judicial or regulatory proceedings, catastrophic events, and the Company's ability to complete strategic transactions and integrate acquisitions. The reader is cautioned that the foregoing list of important factors is not exhaustive, and there may be other factors, including factors set out under "Risk Management and Control Practices" in the Company's 2010 Annual Management's Discussion and Analysis and any listed in other filings with securities regulators, which are available for review at www.sedar.com. The reader is also cautioned to consider these and other factors carefully and to not place undue reliance on forward-looking statements. Other than as specifically required by applicable law, the Company has no intention to update any forward-looking statements whether as a result of new information, future events or otherwise.
Marlene Klassen, APR, Assistant Vice-President, Communication Services, 204-946-7705