The Canada Life Assurance Company ANNUAL REPORT

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1 The Canada Life Assurance Company 2007 ANNUAL REPORT

2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This report contains some forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as expects, anticipates, intends, plans, believes, estimates or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future Company action, is also a forwardlooking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance and mutual fund industries. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company due to, but not limited to, important factors such as sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy lapse rates and taxes, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, catastrophic events, and the Company's ability to complete strategic transactions and integrate acquisitions. The reader is cautioned that the foregoing list of important factors is not exhaustive. The reader is also cautioned to consider these and other factors carefully and to not place undue reliance on forward-looking statements. Other than as specifically required by applicable law, the Company has no intention to update any forward-looking statements whether as a result of new information, future events or otherwise. CAUTIONARY NOTE REGARDING NON-GAAP FINANCIAL MEASURES This report contains some non-gaap financial measures. Terms by which non-gaap financial measures are identified include but are not limited to adjusted net income, earnings before adjustments, premiums and deposits, sales and other similar expressions. Non-GAAP financial measures are used to provide management and investors with additional measures of performance. However, non-gaap financial measures do not have standard meanings prescribed by GAAP and are not directly comparable to similar measures used by other companies. Refer to the appropriate reconciliations of these non-gaap financial measures to measures prescribed by GAAP. BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES The consolidated financial statements of the Company, which are the basis for data presented in this report, have been prepared in accordance with Canadian generally accepted accounting principles (GAAP) and are presented in Canadian dollars unless otherwise indicated. The Canada Life Assurance Company Annual Report 2007

3 CORPORATE PROFILE Founded in 1847, The Canada Life Assurance Company was Canada s first domestic life insurance company. Today, Canada Life provides insurance and wealth management products and services in Canada and internationally, primarily in the United Kingdom, Isle of Man, Ireland and Germany. In Canada, Canada Life offers a broad range of insurance and wealth management products and services for individuals, families and business owners from coast to coast. Canada Life s savings and investments, retirement income, life, disability and critical illness insurance products are available through brokers, managing general agencies and national accounts associated with Canada Life. Canada Life is also a leading provider of creditor insurance in Canada for mortgages, loans, credit cards, lines of credit and leases, through leading financial institutions, automobile dealerships and other lending institutions. In Europe, with roots dating back to 1903, Canada Life provides individuals and their families with a broad range of insurance and wealth management products: payout annuities, savings and group insurance in the United Kingdom; savings and individual insurance in the Isle of Man; individual insurance and savings, and pension products in Ireland; and fund-based pensions and critical illness insurance in Germany. In the United States, Canada Life is a leading provider of traditional mortality, financial and annuity reinsurance solutions to U.S. life insurers. Canada Life is a subsidiary of The Great-West Life Assurance Company, and together with Great-West Life and London Life Insurance Company, has more than $166 billion in assets under administration. Canada Life, London Life and Great-West Life are members of the Power Financial Corporation group of companies. For more information on Canada Life, including the Company s current ratings, visit: Table of Contents 1 Corporate Profile 2 Directors Report 4 Financial Highlights 5 Financial Reporting Responsibility 6 Summary of Consolidated Operations 7 Consolidated Balance Sheets 8 Consolidated Statements of Surplus and Summary of Consolidated Comprehensive Income 9 Consolidated Statements of Cash Flows 10 Segregated Funds Consolidated Net Assets and Consolidated Statements of Changes in Net Assets 11 Notes to Consolidated Financial Statements 34 Auditors Report Appointed Actuary s Report 35 Participating Policyholder Dividend Policy 36 Sources of Earnings 37 Subsidiaries of The Canada Life Assurance Company 38 Five Year Summary 39 Board of Directors Executive Officers 40 Policyholder and Shareholder Information The Canada Life Assurance Company Annual Report

4 DIRECTORS REPORT Canada Life s strong performance in 2007 reflects solid operating results in all major business segments in Canada and Europe, organic growth, continued acquisitions in the United Kingdom payout annuity business, and a continued focus on expense management across all operations. Important measures of Canada Life s performance in 2007 include: Net income attributable to participating accounts, before policyholder dividends, was $225 million and policyholder dividends were $220 million. Net income in the participating accounts, after policyholder dividends, was $5 million. Total premiums and deposits increased 50% to $17 billion. Fee and other income increased by 8% to $783 million. Total assets under administration increased 3% to $83 billion, due to the positive impact of acquisitions and wealth management growth in the U.K. Canada Life s financial strength is reflected in its Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio. At the end of 2007, Canada Life s MCCSR ratio was 226% compared with 242% in 2006, well above regulatory requirements. Ratings are another important financial strength indicator. In 2007, all five agencies which rate Canada Life reaffirmed the Company s ratings. Canada In Canada, strong sales across all lines of business resulted in strong operating earnings. The Canadian operations continued to focus on distribution support and development in 2007, and also maintained focus on expense management. Canada Life, together with Great-West Life and London Life, continues to strengthen its position as a leading provider of financial products and services for Canadians. Together the three companies remain Canada s number one provider of individual life insurance. Canada Life s traditional strength in participating life insurance was enhanced with the introduction of two new participating life insurance products, Estate Achiever and Wealth Achiever. We work to deliver solid dividend performance to our participating policyholders. The 2007 dividend scale for participating policies issued by Canada Life will continue to apply. The dividend scale for former New York Life participating policies increased effective January 1, 2008, while the dividend scale for some classes of former Crown Life participating policies decreased. Canada Life, together with Great-West Life, is also a leading provider of disability insurance and critical illness insurance. In 2007, a renewed focus on disability insurance resulted in continued sales growth of the Canada Life product. Several new Robert Gratton Raymond L. McFeetors product features were introduced, enhancing the appeal of Canada Life s disability insurance as a product of choice for advisors and their clients. In our investment business, Canada Life Generations segregated funds were expanded in 2007 to offer different levels of guarantees with associated fee levels, as well as additional fund managers. Clients can choose from over 50 funds available with each Generations product. At Canada Life, we strive to offer competitive products and services designed to help our distribution channels managing general agencies (MGAs), brokers and national accounts meet their clients insurance and investment needs and support their business success. We continue to focus on making it easy for our distribution channels and their clients to do business with us through effective processes and service models. Building on the quality service provided through our network of regional marketing consultants and four regional marketing centres, in 2007 we enhanced our advisor website and renewed our commitment to value-added products, services and tools for our distribution channels. For our creditor insurance business in 2007 we focused on enhancing our customer service capabilities through the introduction of additional telephone and web-based services. One example is tele-underwriting, where we conduct telephone interviews with consumers applying for insurance on their loans, rather than relying solely on paper questionnaires. In many cases, the underwriting decision can be finalized with the information gathered from the telephone interview with the consumer. In 2008, we expect to expand the use of telephone and webbased tools to continue to enhance our efficiency and the quality of the service and information we provide to consumers. Canada Life s newly redeveloped public website showcases Canada Life s Canadian product offering, and provides Canadian clients with easy access to secure client services while maintaining a high profile for Canada Life s Europe and Reinsurance operations. 2 The Canada Life Assurance Company Annual Report 2007

5 Europe In Europe prior acquisitions and sales growth, coupled with solid mortality and investment experience, led to strong earnings growth. In 2007 Canada Life had a very successful year in the United Kingdom and the Isle of Man. Our acquisition of fixed payout annuity business from The Equitable Life Assurance Society was completed in early 2007, and we believe it was the largest transfer of a fixed payout annuity portfolio in the U.K. We continue to seek growth opportunities in the annuity marketplace, where we are a market leader. In 2007, for the second consecutive year, Canada Life achieved a five-star service award in the 2007 Financial Service Awards, placing Canada Life among the top ten service providers in the investment arena in the U.K. This reflects continued success in both onshore and offshore single premium investment business. The company continues to be well positioned in each of its market segments in the U.K. and plans to enhance its payout annuity product offering in 2008 with the launch of a new enhanced annuity product. In Ireland, Canada Life maintained its overall market share in 2007 with a particularly strong performance in the pensions sector. The emphasis in 2008 will be on developing products to address market challenges, strengthening intermediary relationships, creating new channels and expanding distribution capabilities. In Germany, Canada Life operates in the independent broker market which is about 25% of the total market. Despite a decline in the market for regular premium private pensions, sales of our innovative new single premium pension products grew dramatically. In reinsurance, we continued to leverage our financial strength, adaptive products and strong client relationships to achieve strong business results. Board of Directors Our Directors play a key role in Canada Life s governance and continued success. At Canada Life s annual meeting in 2007, the number of Directors on the Board increased from 20 to 23 with the election of three new Directors: Marcel R. Coutu, H. David Graves and V. Peter Harder. On behalf of the Board of Directors, it is our pleasure to recognize the professionalism and continuing dedication of the people across Canada Life worldwide who serve our clients and distribution associates. We also thank our clients and distribution associates for their continued support. Robert Gratton Chairman of the Board Raymond L. McFeetors President and Chief Executive Officer Giving back to our communities leading by example As an organization and individuals, we are proud to contribute to the development of stronger communities. The financial and voluntary support we provide to hundreds of charitable, nonprofit and community-based organizations is aimed at meeting a high standard of corporate citizenship. The Canada Life Assurance Company Annual Report

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