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Great-West Reports Higher 4th Quarter Net Income

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NU Online News Service, Jan. 30, 4:30 p.m. – Great-West Lifeco Inc., Winnipeg, Manitoba, is reporting the equivalent of $154 million in net income in U.S. currency for 2002 on $2.7 billion in revenue, compared with $124 million in net income on $2.7 billion in revenue for 2001.

Great-West sells employee benefits and financial services products in the United States. In the United States, benefits revenue fell to $408 million, from $446 million, and financial services revenue increased to $335 million, from $288 million.

The conversions here are based on an exchange rate of $1=1.6285 Canadian dollars for the 2002 results, and an exchange rate of $1=1.5911 Canadian dollars for the 2001 results, using figures provided by OANDA Corp., New York.