Great-West Life celebrates 125 years by opening TSX

by David Keelaghan31 Aug 2016
Great-West Lifeco celebrated a major milestone in style Monday as its Executive Vice President and Chief Financial Officer, Garry MacNicholas rang the bell to open the Toronto Stock Exchange.

The institution’s insurance arm, Great-West Life Assurance Company, marked its 125th anniversary on August 28, while its parent company celebrated 30 years trading on the TSX.

Group president and CEO Paul Mahon gave his thoughts on the key reasons behind Great West’s longevity. "Over many decades, individuals, families, businesses and organizations have been able to count on us to deliver on the promises we make," he said. "One constant through those years is the dedication, skill and energy of our employees and distribution associates and their commitment to helping our customers achieve financial security and well-being."
The company’s lineage dates back to 1891 when it was founded in Manitoba and today it has  operations in Canada, the US and Europe through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments.

Part of the Power Financial Corporation, Great-West Lifeco and its subsidiaries have over US$ 1 trillion AUM and it is the second largest insurance provider in Canada behind Manulife, serving 12 million people nationwide.

On the same day that Garry MacNicholas opened trading on the TSX, it closed at $31.70, which is down on April’s high of $37.10 for the year.

Great-West, like its peers, has experienced plenty of volatility with its share price over the past number of years. This is reflective of the industry-wide changes currently underway, as the large insurers recalibrate their businesses to meet Canada’s changing demographics.

In its Q2 earning results, it reported total revenue of $12.8 billion and earnings of $0.67 per share. This was a slight improvement on 2015’s Q2, but the firm will certainly be targeting greater stability across the board, particularly among its flagship insurance providers.

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