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Great-West Lifeco’s Net Income Declines

Reported net income of $413 million and $739 million in Q2 and H1, respectively

Great-West Lifeco (Lifeco) has reported a net income attributable to common shareholders of $413 million for the three months ended June 30, 2009, compared to $564 million in 2008.

On a per common share basis, this represents $0.437 per common share for the three months ended June 30, 2009, compared to $0.630 per common share for 2008.

For the six months ended June 30, 2009, net income attributable to common shareholders was $739 million, compared to $1,057 million a year ago. On a per common share basis, this represents $0.783 per common share for the six months ended June 30, 2009, compared to $1.230 per common share for 2008.

The company reported net income of $564 million for the three months ended June 30, 2008 and $1,057 million for the six months ended June 30, 2008, represents adjusted net income from continuing operations.

Great-West Lifeco is a financial services holding company which specialises in life insurance, health insurance, retirement savings, investment management and reinsurance businesses.