AM Best Affirms Credit Ratings of Great-West Lifeco Inc. and Its Subsidiaries.

ENPNewswire-November 12, 2021--AM Best Affirms Credit Ratings of Great-West Lifeco Inc. and Its Subsidiaries

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Release date- 11112021 - AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'aa' (Superior) of The Canada Life Assurance Company (Winnipeg, Manitoba) and its affiliates.

Concurrently, AM Best has affirmed the Long-Term ICR of 'a' (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of Great-West Lifeco Inc. (Lifeco) (Winnipeg, Manitoba). Additionally, AM Best has affirmed the Long-Term ICR of 'a' (Excellent) of LRG (US), Inc. (Delaware). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the affiliates and Long-Term IRs.)

The ratings reflect The Canada Life Assurance Company's balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management.

The group's balance sheet has proven resilient to volatility in the financial markets as a result of the pandemic. Absolute capital levels are supported by favorable earnings after a rebranding initiative completed last year. Recent acquisitions in the company's retirement platform, the Empower brand, is adding to the parent company's diversification of earnings. Lifeco is the second-largest retirement services provider in the United States.

Positive earnings results in all lines of core business segments further enhances the rating profile of the group. AM Best believes that the continued low interest rate environment and the competitive marketplace globally will create a degree of diverse risks as the company operates in multiple countries and jurisdictions.

The FSR of A+ (Superior) and the Long-Term ICRs of 'aa' (Superior) have been affirmed with stable outlooks for The Canada Life Assurance Company and its affiliates:

Canada Life International Reinsurance Corporation Limited

Canada Life Re Ireland Designated Activity Company

Canada Life Reinsurance Company

Great-West Life & Annuity Insurance Company of New York

Great-West Life & Annuity Insurance Company

London Life and Casualty (Barbados) Corporation

London Life and Casualty Reinsurance Corporation

The following Long-Term IR has been assigned with a stable outlook:

Great-West Lifeco Inc.-

bbb+ (Good) on USD 200 million 4.5% non-cumulative...

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