Great-West Lifeco said it earned $445 million in its latest quarter, up from $436 million a year ago.

The Winnipeg-based insurance company said the profit amounted to 47 cents per share for the quarter ended September 30, compared with a profit of 49 cents per share a year ago when it had fewer shares outstanding.

Revenue totaled $10.38 billion, up from $3.97 billion a year ago.

Consolidated assets under administration at the end of the quarter were $454.9 billion.

Great-West operations in Canada, the United States, Europe and Asia under several banners including Great-West Life, London Life, Canada Life and Putnam Investments.

FINANCIAL HIGHLIGHTS (unaudited)
                   (in $ millions except per share amounts)
 
                               As at or for the                For the
                              three months ended          nine months ended
                       ------------------------------------------------------
                       September     June    September  September  September
                        30, 2009   30, 2009   30, 2008   30, 2009   30, 2008
    -------------------------------------------------------------------------
    Premiums and
     deposits:
    Life insurance,
     guaranteed
     annuities and
     insured health
     products          $   4,336  $   4,664  $   3,912  $  13,709  $  25,225
    Self-funded
     premium
     equivalents
     (ASO contracts)         610        639        583      1,867      1,795
    Segregated funds
     deposits:
      Individual
       products            1,236      1,699      1,982      4,193      5,771
      Group products       2,325      1,823      1,140      6,844      4,125
    Proprietary mutual
     funds and
     institutional
     deposits(1)           5,045      5,140      7,794     15,465     24,209
                       ------------------------------------------------------
    Total premiums and
     deposits             13,552     13,965     15,411     42,078     61,125
                       ------------------------------------------------------
 
    Fee and other income     728        666        778      2,074      2,381
    Paid or credited to
     policyholders         8,687      7,473      2,176     19,526     21,962
 
    Net income-common
     shareholders
      Continuing
       operations
       - adjusted(3)         445        413        436      1,184      1,493
      Discontinued
       operations
       - adjusted(2)           -          -          -          -         43
                       ------------------------------------------------------
      Net income
       - adjusted(3)         445        413        436      1,184      1,536
      Adjustments
       after tax(3)            -          -          -          -        767
                       ------------------------------------------------------
      Net income             445        413        436      1,184      2,303
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Per common share
      Basic earnings
       - adjusted(3)   $   0.471  $   0.437  $   0.487  $   1.254  $   1.717
      Adjustments
       after tax (3)           -          -          -          -      0.858
      Basic earnings       0.471      0.437      0.487      1.254      2.575
      Dividends paid      0.3075     0.3075     0.3075     0.9225     0.8925
      Book value           12.21      12.65      12.70
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Return on common
     shareholders'
     equity (12 months):
      Net income
       - adjusted(3)       13.7%      14.2%      21.4%
      Net income            2.4%       2.3%      27.1%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
      Total assets     $ 129,813  $ 131,644  $ 127,339
      Segregated funds
       net assets         86,640     83,192     81,916
      Proprietary
       mutual
       funds and
       institutional
       net assets(4)     124,272    121,729    147,165
                       --------------------------------
      Total assets
       under
       management        340,725    336,565    356,420
      Other assets
       under
       administration(5) 114,145    105,341    107,970
                       --------------------------------
      Total assets
       under
       administration  $ 454,870  $ 441,906  $ 464,390
                       --------------------------------
                       --------------------------------
      Share capital
       and surplus     $  12,861  $  13,270  $  12,474
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Includes Putnam Investments, LLC mutual funds and institutional
        deposits, excluding Prime Money Market Fund net deposits.
    (2) Represents the operating results of GWL&A's health care business,
        which was sold effective April 1, 2008. Does not include the gain on
        sale of the health care business.
    (3) Net income, basic earnings per common share and return on common
        shareholders' equity are presented on an adjusted basis, as a non-
        GAAP financial measure of earnings performance, and reflect the
        following items in 2008:
 
                                                              Refer to Annual
                                           Per common share       Financial
                           Net         ------------------------   Statement
                         income        In quarter  Year-to-date     Notes
                         ----------------------------------------------------
        Q1: Gain on
             termination
             of
             reinsurance
             agreement    $ 176            $     -     $ 0.197      Note 14
            Reserve
             strengthening
             in GWL&A       (58)  $ 118          -      (0.065)      Note 2
        Q2: Gain on sale
             of GWL&A's
             health care
             business       649     649          -       0.726       Note 2
                                 -----------------------------
                                  $ 767    $     -     $ 0.858
                                 -----------------------------
                                 -----------------------------
 
        Return on common shareholders' equity is restated excluding non-
        recurring items from prior periods.
    (4) Excludes Putnam Prime Money Market Fund.
    (5) Other assets under administration includes both retail and
        institutional assets in which the Company only performs
        administrative or recordkeeping type services for the end client. In
        general, fee income is based on the type of services performed per
        client and does not fluctuate with asset levels.