Great-West Lifeco Inc - Company Profile
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Business Description
Great-West Lifeco Inc (Great-West) is a global financial service holding company. It focuses on life insurance, retirement and investment services, asset management, health insurance, and reinsurance businesses. The company operates in Canada, the US, Europe, and Asia.
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Geographical Segments
Overview
Operates through The Canada Life Assurance Company. Comprises two business units: Individual Customer and Group Customer. Individual Customer business unit offers insurance products for term life, universal life, participating life, disability, and critical illness. Also offers savings plans, retirement income plans, annuities, residential mortgages, and banking products. Group Customer business unit offers insurance products for life, disability, critical illness, accidental death and dismemberment, health, dental protection, job loss, and creditor. Also offers group capital accumulation plans such as defined contribution pension plans, deferred profit sharing plans, non-registered savings programs, group registered retirement savings plans and tax-free savings accounts besides retirement income plans such as deferred annuities, payout annuities, life income funds, retirement income funds. Markets and sells its products through consultants, brokers, large financial institutions, and financial security advisors. Plans to focus on competitive pricing, developing and marketing its individual insurance and individual wealth management products, and operational expense management.
Performance
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Overview
Operates through reinsurance business unit. It has operations in the US, Barbados, Bermuda and Ireland. Distributes its products and services through independent distribution brokers and direct placements.
Performance
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Overview
Consists of three business units: the UK, Ireland and Germany. The UK business unit offers bulk and individual payout annuities, equity release mortgages, investments, individual protection and group insurance. It distributes products through independent financial advisors and employee benefit consultants. Ireland business unit offers savings and investments, individual and group life insurance, health insurance and pension products. It distributes products through independent brokers, tied agent bank branches and direct sales force. Germany business unit offers company and individual pension, and individual protection products. It distribute products through independent brokers and multi-tied agents. The UK and German units operate under Canada Life brand and Irish unit operates under Irish Life brand.
Performance
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Overview
Includes businesses not included in other segments.
Performance
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Overview
Consists of Financial Services and Asset Management business units. Financial Services business unit offers a range of financial security products such as individual retirement accounts, employer-sponsored defined contribution plans, administrative and record keeping services, fund management, investment and advisory services, individual retirement accounts and executive benefits products. Asset Management business unit offers investment management products and services including college savings plans, open-end and closed-end mutual funds, variable annuity products, defined benefit and defined contribution investment only plans, and alternative investment products in the quantitative, fixed-income, and equity groups. Also offers administrative services such as underwriting, transfer agency, shareholder services, distribution, trustee and other fiduciary services. Distributes its products and services through brokers, advisors, financial planners, third-party administrators, consultants, banks, institutional clients, wholesale and retail sales force, investment advisors, and specialized consultants. Focuses on active brand marketing, spending on product differentiation, and providing a best-in-class service model to boost sales.
Performance
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