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Great-West Reports Higher 1st Quarter Net Income

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NU Online News Service, May 1, 2003, 5:08 p.m. EDT – Great-West Lifeco Inc., Winnipeg, is reporting the equivalent of $172 million in net income for the first quarter on $4.5 billion in premiums and deposits, compared with $139 million in net income on $4.7 billion in premiums and deposits for the first quarter of 2002.

In the United States, Great-West sells health coverage and money-management services.

Premium and deposit revenue fell 16% for the U.S. unit because of a drop in health plan membership and the effects of the stock market slump on the money-management business.

The conversions here are based on an exchange rate of 1 Canadian dollar=67.967 U.S. cents for the 2003 results, and an exchange rate of 1 Canadian dollar=62.708 U.S. cents for the 2002 results, using figures published by OANDA Corp., New York.