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GREAT - WEST LIFECO INC . RELEASE TSX : GWO This earnings news release for Great - West Lifeco Inc. should be read in conjunction with the Company's Management's Discussion & Analysis ( MD & A ) and Consolidated Annual Financial Statements for the period ended December 31 , 2020 , prepared in accordance with International Financial Reporting Standards ( IFRS ) unless otherwise noted . These reports are available on greatwestlifeco.com under Financial Reports . Additional information relating to Lifeco is available on sedar.com . Readers are referred to the cautionary notes regarding Forward - Looking Information and Non - IFRS Financial Measures at the end of this release . All figures are expressed in Canadian dollars , unless otherwise noted . Great - West Lifeco reports fourth quarter 2020 base earnings of $ 741 million and net earnings of $ 912 million Winnipeg , February 10 , 2021 ... Great - West Lifeco Inc. ( Lifeco or the Company ) today announced its fourth quarter 2020 results . " We are pleased that Lifeco saw a strong close to the year , with excellent progress on integrating acquired businesses and advancing other strategic initiatives undertaken throughout the year . We consider this to be a strong performance especially considering the pandemic's ongoing impact , " said Paul Mahon , President and CEO of Great - West Lifeco Inc. " Looking ahead , we will continue to focus on capitalizing on the investments made in our businesses and driving value creation . " Net earnings attributable to common shareholders ( net earnings ) were $ 912 million , or $ 0.98 per common share ( EPS ) , for the fourth quarter of 2020 compared to $ 513 million , or $ 0.55 per common share , for the same quarter last year . Base earnings for the fourth quarter of 2020 of $ 741 million , or $ 0.80 per common share , compared to $ 831 million or $ 0.90 per common share a year ago . Common Shareholders Base earnings ( 1 ) Canada United States Q4 2020 Q4 2019 $ 348 $ 274 90 89 Europe 195 317 Capital and Risk Solutions 124 157 Lifeco Corporate ( 16 ) ( 6 ) Total base earnings ( ¹ ) $ 741 $ 831 Items excluded from base earnings ( 2 ) 171 ( 318 ) Net earnings $ 912 $ 513 Base EPS ( 1 ) Net EPS Base return on equity ( 1 ) ( 1 ) ( 3 ) Return on equity ( 1 ) ( 3 ) $ 0.80 $ 0.90 $ 0.98 $ 0.55 12.8 % 13.4 % 14.1 % 11.7 % ( 1 ) Represents a non - IFRS measure . Refer to the " Non - IFRS Financial Measures " section of the Company's 2020 Annual MD & A for additional details . ( 2 ) Items excluded from base earnings are actuarial assumption changes and other management actions , market - related impacts on liabilities , the net gain on the sale of GLC , transaction , restructuring and integration costs related to the acquisitions of Personal Capital Corporation and the retirement services business of MassMutual as well as strategic initiatives in the Canadian segment , revaluation of a previously de - recognized deferred tax asset and a net gain on the sale of heritage block of individual policies to Scottish Friendly . Refer to the " Non - IFRS Financial Measures " section of the Company's 2020 Annual MD & A for additional details . ( 3 ) Base return on equity and return on equity are calculated using the trailing four quarters of applicable earnings and common shareholders ' equity . 100 Osborne Street North Winnipeg MB Canada R3C 3A5 A member of the Power Corporation group of companies® . ... / 2