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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 interim Management's Discussion & Analysis ( MD & A ) and condensed consolidated interim unaudited Financial Statements for the period ended September 30 , 2021 , 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 third quarter 2021 base earnings of $ 870 million and net earnings of $ 872 million Winnipeg , November 3 , 2021 ... Great - West Lifeco Inc. ( Lifeco or the Company ) today announced its third quarter 2021 results . " We made significant progress this quarter to drive value creation through both organic growth and acquisition . The transactions we announced in the U.S. , Canada and Ireland will elevate our strategies and build new muscle as we scale and extend our business , " said Paul Mahon , President and CEO of Great - West Lifeco Inc. " We are pleased with the results Great - West Lifeco achieved in the third quarter , with strong underlying business performance across operating segments and the benefits of recent acquisitions driving double - digit base earnings growth and strong base ROE . " Net earnings attributable to common shareholders ( net earnings ) were $ 872 million , or $ 0.94 per common share ( EPS ) , for the third quarter of 2021 compared to $ 826 million , or $ 0.89 per common share , for the same quarter last year . Base earnings for the third quarter of 2021 were $ 870 million , or $ 0.93 per common share , compared to $ 679 million or $ 0.73 per common share a year ago . Common Shareholders Base earnings ( 1 ) Canada United States ( U.S. ) Europe Q3 2021 Q3 2020 $ 312 $ 270 221 83 232 182 Capital and Risk Solutions 107 156 Lifeco Corporate ( 2 ) ( 12 ) Total base earnings ( 1 ) $ 870 $ 679 Items excluded from base earnings ( 2 ) 2 147 Net earnings $ 872 $ 826 Base EPS ( 1 ) Net EPS Base return on equity ( 1 ) ( 3 ) Return on equity ( 1 ) ( 3 ) $ 0.93 $ 0.73 $ 0.94 $ 0.89 14.5 % 13.5 % 14.9 % 12.4 % ( ¹ ) Represents a non - IFRS measure . Refer to the " Non - IFRS Financial Measures " section of the Company's third quarter of 2021 interim MD & A for additional details . ( 2 ) Items excluded from base earnings are actuarial assumption changes and other managementactions , market - related impacts on liabilities , transaction costs related to the acquisitions of Personal Capital , MassMutual and Prudential , a provision for payments relating to the Company's 2003 acquisition of The Canada Life Assurance Company , restructuring and integration costs as well as a net gain related to the sale of Irish Progressive Services International Limited in Q3 2020. Refer to the " Non - IFRS Financial Measures " section of the Company's third quarter of 2021 interim 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