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Press release from CNW Group

Great-West Lifeco statement on a decision released November 3 by the Court of Appeal for Ontario

Friday, November 04, 2011

Great-West Lifeco statement on a decision released November 3 by the Court of Appeal for Ontario13:28 EDT Friday, November 04, 2011TSX: GWOWINNIPEG, Nov. 4, 2011 /CNW/ - The Court of Appeal for Ontario has released a decision in regard to the involvement of the participating accounts of Great-West Lifeco subsidiaries London Life Insurance Company and The Great-West Life Assurance Company in the financing of the acquisition of London Insurance Group in 1997.The Court of Appeal upheld that participating policyholders were treated fairly and that there was no impact on their dividends. The Court of Appeal also confirmed that it was reasonable for the participating accounts to contribute to the acquisition in order to receive benefits.The Court of Appeal made adjustments to the original trial judgment. The impact is expected to be favourable to the Company's overall financial position. Any monies to be returned to the participating accounts will be dealt with in accordance with the companies' participating policyholder dividend policies in the ordinary course of business. No awards are to be paid out to individual class members.The decision will have no impact on participating policy contract terms and conditions.Great-West Lifeco Inc. (TSX:GWO) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canada, the United States, Europe and Asia through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, Great-West Life & Annuity Insurance Company and Putnam Investments, LLC. Great-West Lifeco and its companies have over $497 billion in assets under administration, and are members of the Power Financial Corporation group of companies.Assets as of June 30, 2011For further information: Marlene Klassen, APR Assistant Vice-President, Communication Services 204-946-7705