GWO |

 

Share information

Common share information

Great-West Lifeco Stock Symbol: GWO

Stock exchange listings

Great-West Lifeco’s common shares are listed as GWO on the Toronto Stock Exchange.

Common share investment data

Market price per common share ($) Dividends paid ($) Dividend payout ratio(1)(2) Dividend yield(3)
High Low Close
2015 37.52 31.31 34.53 1.304 47.0% 3.8%
2014 33.87 28.95 33.59 1.23 48.3% 3.9%
2013 33.34 24.20 32.75 1.23 58.3% 4.3%
2012 25.01 19.82 24.35 1.23 60.0% 5.5%
2011 27.77 19.17 20.40 1.23 61.5% 5.2%
2010 29.17 23.73 26.40 1.23 64.1% 4.7%
2009 27.01 11.35 26.88 1.23 71.5% 6.4%
2008 35.29 19.49 20.70 1.23 52.1% 4.4%
1 Ratio based on IFRS operating earnings from 2010 to present. 2 Ratio based on adjusted basic earnings in 2009 and prior. 3 Dividends as a percent of average high and low market price for the reporting period. Market price performance shown above is not necessarily indicative of future market price performance.

Dividend record and payment dates

Dividend record dates for Great-West Lifeco's common shares are usually between the 1st and 4th of March, June, September and December. Dividends are usually paid the last day of each quarter.

Dividend history — common shares

Declared date Record date Payment date Quarterly dividend ($)
2016
Aug 3 Sept 2 Sept 30 0.3460
May 5 June 2 June 30 0.3460
Feb 11 Mar 3 Mar 31 0.3460
2015
Nov 5 Dec 3 Dec 31 0.3260
Aug 5 Sept 2 Sept 30 0.3260
May 7 June 2 June 30 0.3260
Feb 12 Mar 3 Mar 31 0.3260
2014
Nov 6 Dec 3 Dec 31 0.30750
Aug 6 Sept 2 Sept 30 0.30750
May 8 June 2 June 30 0.30750
Feb 13 Mar 3 Mar 31 0.30750
2013
Nov 7 Dec 3 Dec 31 0.30750
July 31 Aug 30 Sept 30 0.30750
May 2 May 31 June 28 0.30750
Feb 7 Feb 28 Mar 28 0.30750
2012
Nov 8 Dec 3 Dec 31 0.30750
Aug 1 Aug 31 Sept 28 0.30750
May 3 June 1 June 29 0.30750
Feb 9 Mar 2 Mar 30 0.30750

Preferred share information

Stock exchange listings

Lifeco's Series F (GWO.PR.F), Series G (GWO.PR.G), Series H (GWO.PR.H), Series I (GWO.PR.I), Series L (GWO.PR.L), Series M (GWO.PR.M), Series N (GWO.PR.N), Series O (GWO.PR.O), Series P (GWO.PR.P), Series Q (GWO.PR.Q), Series R (GWO.PR.R) and Series S (GWO.PR.S) are listed on the Toronto Stock Exchange.

Dividend record and payment dates

Preferred shares Series F, G, H, I, L, M, N, O, P, Q, R and S – Dividend record dates are usually between the 1st and 4th of March, June, September and December. Dividends are paid the last day of each quarter. Information about the Series N and O dividend rates can be found in the news release issued on December 2, 2015.

Preferred share data

 Date IssuedJul 10, 2003Sep 14, 2004Aug 12, 2005Apr 12, 2006Oct 2, 2009Mar 4, 2010Nov 23, 2010Dec 31, 2015Feb 22, 2012Jul 6, 2012Oct 11, 2012May 22, 2014
Issuer Entity Great-West Lifeco Inc.
Issue Series F Series G Series H Series I Series L Series M Series N Series O Series P Series Q Series R Series S
Ticker GWO.PR.F GWO.PR.G GWO.PR.H GWO.PR.I GWO.PR.L GWO.PR.M GWO.PR.N GWO.PR.O GWO.PR.P GWO.PR.Q GWO.PR.R GWO.PR.S
General Type Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual 5-Year Rate Reset Floating Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual
Cumulative/ Non-Cumulative Non-cumulative Non-cumulative Non-cumulative Non-cumulative Non-cumulative Non-cumulative Non–cumulative Non-cumulative Non-cumulative Non-cumulative Non-cumulative Non-cumulative
Shares Outstanding 7,740,032 12,000,000 12,000,000 12,000,000 6,800,000 6,000,000 8,524,422 1,475,578 10,000,000 8,000,000 8,000,000 8,000,000
Amount Outstanding (Par) $193,531,075 $300,000,000 $300,000,000 $300,000,000 $170,000,000 $150,000,000 $213,110,550 $36,889,450 $250,000,000 $200,000,000 $200,000,000 $200,000,000
Yield 5.90% 5.20% 4.85% 4.50% 5.65% 5.80% 2.176%1 1.742%2 5.40% 5.15% 4.80% 5.25%
Earliest Issuer Redemption Date Sep 30, 2008 Dec 31, 2009 Sep 30, 2010 Jun 30, 2011 Dec 31, 2014 Mar 31, 2015 Dec 31, 2015 Dec 31, 2015 Mar 31, 2017 Sep 30, 2017 Dec 31, 2017 June 30, 2019
Paid-up Capital per Share $20.59 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00
S&P Rating A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low)
DBRS Rating Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high)

Important information on paid-up capital

Lifeco Series F Shares In 2003, pursuant to a share reorganization and exchange transaction, Great-West Lifeco Inc. ("Lifeco") acquired all of the outstanding common shares in the capital of Canada Life Financial Corporation ("CLFC") that it did not already control ("Original Shares"), for consideration per Original Share which consisted of one of or a combination of cash and the following shares in the capital of Lifeco: common shares, Non-Cumulative First Preferred Shares, Series E, and Non-Cumulative First Preferred Shares, Series F (collectively, "Exchanged Shares"). On December 31, 2009, the Company redeemed all of the Non-Cumulative First Preferred Shares, Series E for $26.00 per share. Great-West Series L Shares In 1997, Lifeco and The Great-West Life Assurance Company ("Great-West") purchased common shares in the capital of London Insurance Group Inc. ("Original Shares") for consideration per Original Share which consisted of one of or a combination of cash and common shares and Non-Cumulative Class A Preferred Shares, Series 1 (which have since been redeemed) in the capital of Lifeco, and Non-Cumulative Preferred Shares, Series L, in the capital of Great-West (collectively, "Exchanged Shares"). Great-West Series O Shares In 2000, Great-West and 3812774 Canada Inc., a wholly-owned subsidiary of Lifeco (which was subsequently dissolved), purchased Non-Cumulative Preferred Shares, Series L, in the capital of Great-West ("Original Shares") for consideration per share which consisted of cash or Non-Cumulative Preferred Shares, Series O, in the capital of Great-West ("Exchanged Shares"). On October 29, 2010, Great-West Life redeemed all of its outstanding 5.55% Non-Cumulative Preferred Shares, Series O at a price of $25.00 per share. Paid-Up Capital In connection with the issuance of Exchanged Shares in exchange for Original Shares, each shareholder, if eligible, could make a joint election (a "Tax Election") with either or both of Lifeco and Great-West Life, as applicable, pursuant to section 85 of the Income Tax Act (Canada) and thereby obtain a full or partial tax-deferred "rollover" for Canadian income tax purposes. The paid-up capital per share of the applicable class of Exchanged Shares was determined using the aggregate of the paid-up capital of all Exchanged Shares whether or not a Tax Election was made. The paid-up capital of the Exchanged Shares where a Tax Election was not made (“Non-Elected Exchanged Shares”) is equal to the fair market value of the consideration received for the Non-Elected Exchanged Shares. The paid-up capital of the Exchanged Shares where a Tax Election was made (“Elected Exchanged Shares”) is based on the transfer amount elected (the “Elected Amount”) in the Tax Election for each Elected Exchanged Share. The Elected Amount of each Elected Exchanged Share was provided by the owners of the Original Shares. The reader is cautioned that neither Lifeco nor Great-West Life will be responsible for any inaccuracy in the paid-up capital of any class of Exchanged Shares resulting from an error made by any owner of Elected Exchanged Shares as to the Elected Amount thereof. As a result of the full or partial tax-deferred rollover as described above, the paid-up capital of the Lifeco Series F First Preferred Shares to all holders may be significantly less than the redemption price of such shares, and therefore, a significant deemed dividend could arise on redemption. A deemed dividend is calculated by subtracting the paid-up capital from the redemption price paid for the share. Please refer to the applicable public document filed on SEDAR at sedar.com pursuant to which the Exchanged Shares were issued and contact your tax advisor for further information and advice concerning the tax attributes of such shares.

Eligible dividends

All dividends paid to Canadian taxpayers by Great-West Lifeco since January 1, 2006, have been, or will be, designated as eligible dividends for purposes of determining the enhanced dividend tax credit.

For information regarding dividends, please refer to the Department of Finance website. You should also consult with your financial or tax advisor for information about your own particular circumstances.

Other public securities

In addition to common shares and preferred shares, Great-West Lifeco and its subsidiaries have issued debentures and capital trust securities which are currently outstanding.

Debentures

Great-West Lifeco has five senior debentures outstanding with a face amount of approximately $1.6 billion and one senior Eurobond debenture of €500 million. In addition, The Canada Life Assurance Company has one subordinated debenture outstanding with a face amount of $100 million. Great-West Lifeco Finance (Delaware) LP has one subordinated debenture outstanding with a face amount of $1 billion. Great-West Lifeco Finance (Delaware) LP II has one subordinated debenture outstanding with a face amount of $500 million. Great-West Life & Annuity Insurance Capital, LP has one subordinated debenture outstanding with a face amount of US$175 million, and Great-West Life & Annuity Insurance Capital, LP II has one subordinated debenture outstanding with a face amount of US$300 million.

*as of August 27, 2013

1$200,000,000 issued on November 16, 2009, and $143,788,000 issued on December 18, 2009.

2On April 18, 2013, the Company issued €500,000,000, 10-year bonds denominated in euros. The bonds pay an annual coupon of 2.50% and were priced at 99.755% of par to yield 2.528%.

Lifeco 6.67% March 21, 2033, Debentures Consent Solicitation

The following News Release, Amended Consent Solicitation Statement and Consent Form relate to Lifeco’s solicitation for the consent of the holders of Lifeco’s 6.67% Debentures due March 21, 2033 (the “2033 Debentures”), to an amendment to the Trust Indenture under which the 2033 Debentures were issued, which amendment would eliminate the restrictive capital covenant events of default from the Trust Indenture.

Capital Trust Securities

Canada Life Capital Trust has one series of Canada Life Capital Trust Securities ("CLiCS") Series B with a face value of $150 million outstanding. Canada Life Capital Trust redeemed all of its outstanding $300 million principal amount (CLiCS) Series A on June 29, 2012, at par. Great-West Life Capital Trust redeemed all of its outstanding $350 million principal amount (“GREATS”) on December 31, 2012, at par.

*as of March 28, 2013

Great-West Life Capital Trust redeemed all of its outstanding $350 million principal amount Great-West Life Capital Securities on December 31, 2012, at par.

Canada Life Capital Trust redeemed all of its outstanding $300 million principal amount Canada Life Capital Securities – Series A (CLiCS) on June 29, 2012, at par.

  Subsidiaries

Issuer Entity

Great-West Lifeco Inc.

The Canada Life Assurance Company

Great-West Lifeco Finance (Delaware) LP

Great-West Lifeco Finance (Delaware) LP II

Great-West Life & Annuity Insurance Capital, LP

Great-West Life & Annuity Insurance Capital, LP II

Coupon 6.74% 6.14% 6.67% 5.998% 4.65% 2.50% 6.40% 5.691% 7.127% 6.625% 7.153%

(until 2016)

Date of Maturity

Nov 24, 2031

Mar 21, 2018

Mar 21, 2033

Nov 16, 2039

Aug 13, 2020

April 18, 2023

Dec 11, 2028

Jun 21, 2067

Jun 26, 2068

Nov 15, 2034

May 16, 2046

Senior/Subordinated

Senior

Senior

Senior

Senior

Senior

Senior

Series B Subordinated

Subordinated

Subordinated

Subordinated

Subordinated

Date Issued

Nov 23, 2001

Mar 21, 2003

Mar 21, 2003

Nov 16, 2009 (1)

Aug 10, 2010 

April 18, 2013 

Dec 11, 1998

Jun 21, 2007

Jun 26, 2008

Nov 15, 2004

May 16, 2006

Amount Outstanding

$200,000,000

$200,000,000

$400,000,000

$343,788,000

$500,000,000

€500,000,000 (2)

$100,000,000

$1,000,000,000

$500,000,000

US$175,000,000

US$300,000,000

S&P Rating

A+

A+

A+

A+

A+

A+

AA-

A-

A-

A-

A-

DBRS Rating

AA (low)

AA (low)

AA (low)

AA (low)

AA (low)

AA (low)

AA (low)

A (high)

A (high)

Moody’s Rating

Baa1

Baa2

Fitch Rating

A

A

A

A

A

A

A+

BBB+

BBB+

BBB+

BBB+

Normal course issuer bid

Common shares

Effective February 23, 2016, Great-West Lifeco amended its normal course issuer bid (NCIB), for the period of January 8, 2016, to January 7, 2017.

Under the amended NCIB, the Corporation may purchase up to 20,000,000 of its common shares (“Common Shares”), representing approximately 2 per cent of the 993,350,331 issued and outstanding Common Shares on December 21, 2015. Other than block purchase exemptions, daily purchases will be limited to 139,185 Common Shares, being 25 per cent of the average daily trading volume of the Common Shares for the six-month period ending December 31, 2015. Any Common Shares purchased by the Corporation under the amended NCIB will be cancelled.

The Corporation utilizes its NCIB to acquire Common Shares in order to mitigate the dilutive effect of issuing securities under the Corporation’s Stock Option Plan, and for other capital management purposes.

You may access the news release announcing the amended NCIB on our website and on SEDAR. Shareholders may obtain a copy of the Notice of Intention to make a normal course issuer bid, at no charge, by contacting the Corporate Secretary’s office.

Transfer agent and registrar

Computershare Investor Services Inc.

Lifeco’s transfer agent and registrar is Computershare Investor Services Inc.

In Canada, the common shares and the Series F shares are transferable at the following locations:

Canadian offices

Computershare Investor Services Inc.
8th Floor, 100 University Avenue, Toronto, Ontario M5J 2Y1
600, 530 8th Avenue S.W., Calgary, Alberta T2P 3S8
1500 Robert-Bourassa Boulevard, 7th Floor, Montréal, Québec H3A 3S8
2nd Floor, 510 Burrard Street, Vancouver, British Columbia V6C 3B9
1969 Upper Water Street, Purdy’s Wharf Tower 2, Suite 2008, Halifax, Nova Scotia B3J 3R7
Phone: 1-888-284-9137 (toll-free in Canada and the United States), 514-982-9557 (direct dial)

The Series G, H, I, L, M, N, O, P, Q, R and S shares are only transferable at the Toronto office of Computershare Investor Services Inc.

Internationally, the common shares and the Series F shares are also transferable at the following locations:

United States office

Computershare Trust Company, N.A.
250 Royal Street, Canton, Massachusetts 02021
480 Washington Boulevard, Jersey City, New Jersey 07310
211 Quality Circle, College Station, Texas 77845-4470
Phone: 1-888-284-9137 (toll-free in Canada and the United States)

United Kingdom office

Computershare Investor Services PLC
The Pavilions, Bridgwater Road
Bristol BS99 6ZZ, United Kingdom
Phone: 001 870 702 0003

Ireland office

Computershare Investor Services (Ireland) Limited
Heron House, Corrig Road, Sandyford Industrial Estate
Dublin 18, Ireland
Phone: 447 5566

Shareholders wishing to contact the transfer agent by email can do so at GWO@computershare.com.

Annual meeting

The Annual Meeting of Shareholders of Great-West Lifeco was held on May 5, 2016 in Winnipeg, Manitoba.

Annual meeting materials

Great-West Lifeco’s annual meeting was video webcast and is accessible via the link below: