Great-West Lifeco
Great-West Lifeco, a financial services company, operates globally with significant presences in Canada, the United States, and Europe, managing over $2.5 trillion in assets and serving more than 38 million customers.
Company Overview
Great-West Lifeco operates in Canada, the United States, and Europe through its subsidiaries Canada Life, Empower, and Irish Life. The company serves over 38 million customer relationships globally and employs approximately 31,000 people worldwide. In addition, Great-West Lifeco maintains over 234,000 advisor relationships. Their consolidated assets under administration exceed $2.5 trillion as of December 31, 2022.
Empower Financial Services
Empower, a key subsidiary of Great-West Lifeco, administers over $1.6 trillion in assets for 18.6 million individuals. In Q1 2024, Empower achieved record quarterly earnings of $211 million, representing a 29% year-over-year growth. The company completed the integration of the retirement business acquired from Prudential Financial in 2022.
Customer Benefits and Claims
In 2022, Great-West Lifeco paid benefits to customers totaling over $58 billion. The company is dedicated to serving its global customer base, providing a wide range of insurance and financial products through its various subsidiaries. This commitment to customer service is evident in the substantial amount of benefits paid out.
Major Transactions and Acquisitions
Great-West Lifeco completed the sale of Putnam Investments to Franklin Templeton. This divestiture is part of the company’s ongoing strategy to streamline operations and focus on core business areas. The integration of the retirement business acquired from Prudential Financial by Empower in 2022 is another significant transaction for the company.
Global Workforce and Advisor Network
Great-West Lifeco employs approximately 31,000 people worldwide. The company also maintains robust relationships with over 234,000 advisors, ensuring a wide-reaching network of professionals to serve its customers. This global workforce and advisor network are crucial to delivering the company’s financial and insurance services.