Great-West Lifeco Inc. and Affiliates: Rating Report

On November 16, 2018, DBRS Limited (DBRS) confirmed the ratings on Great-West Lifeco Inc. and its affiliates as shown on page 16 of this report. In confirming the ratings, DBRS considered GWO’s excellent global franchise and strong market shares. The Company’s extensive insurance and wealth management operations in Canada, the United States and Europe as well as in global reinsurance offer a high degree of product and geographic diversification. GWO has a pattern of generating strong return on equity (ROE) in the mid-teens, which declined in 2017 but has so far recovered in 2018. This sustained ROE level is a positive for the ratings.