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Great-West Lifeco Inc. SWOT & PESTLE Analysis

ID : 521284153| Jun 2022| 21 pages

COMPANY PROFILE -Great-West Lifeco Inc.

Business Sector :Insurance and Asset Management

Operating Geography :Canada, North America, Global

About Great-West Lifeco Inc. :

Great-West Lifeco Inc. is a Canadian financial holding company with a concentration on the insurance that conducts business through five completely owned, regionally targeted subsidiaries in North America (Canada and the United States), Europe, and Asia. Local insurance broker Jeffry Hall Brock established Great-West Life in Winnipeg in 1891. On August 28, 1891, the business was incorporated, and James Ashdown and other locals served on its board. The corporation offers a variety of services, including interests in the reinsurance, asset management, retirement, and investing industries. It operates through the following divisions: Lifeco Corporate, Canada, the United States, and Europe. Individual and group life insurance is offered by the Canada segment through Great-West Life, London Life, and Canada Life. The Great-West Financial, Putnam, and insurance companies, as well as the U.S.-based offices of Great-West Life and Canada Life, are all part of the United States segment’s asset management and financial services offerings. Insurance, annuities, and reinsurance business units make up the Europe section. Operating results for Lifeco’s activities that are not connected to the company’s main business units are included in the section titled “Lifeco Corporate”. In April 2022, Great-West Lifeco declared that its American subsidiary, Empower, had finished the previously announced acquisition of Prudential Financial Inc.’s full-service retirement business.

The Unique Selling Point of Great West is its financial strength and stability, which are evident in its high ratings from reputable rating organizations. Additionally, the business, whose roots date back to 1891, has established a solid reputation as a reliable financial partner up until and after retirement. The vision statement of the company reads, “Its vision is to help people in Ireland to have healthier lives and to build better futures”.

Great-West Lifeco Inc. Revenue :


CAD 64,417 million - FY ending 31st December 2020
CAD 60,583 million - FY ending 31st December 2020

Competitive Analysis of Great-West Lifeco Inc.

SWOT
PESTLE
The SWOT analysis for Great West Lifeco is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Solid financial performance with consistent shareholder returns
2. Diversified earnings by product offering and geography
3. Global Market leader with ranking in Top 10 insurers in the world
4. Creating long term growth and value through Mergers & Acquisitions
5. Growing Asset under management
1. Deterioration in cost efficiency due to increase in operating expenses
2. Zero presence in emerging markets
OpportunitiesThreats
1. Creating long term growth and value through Mergers & Acquisitions
2. Growing life insurance segment worldwide
3. Opportunity to penetrate growing insurance sector in emerging economies
4. Strategic partnership for future growth
1. Increase in claims due to increasing weather related disasters
2. High competition in insurance industry
3. Threat due to fluctuations in currency rates
4. Rising covid will affect companies risk liabilities for life insurance products
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Great-West Lifeco Inc.

Strength

1. Solid financial performance with consistent shareholder returns: Great West Lifeco was able to deliver strong financial performance backed by its strong capital position and financial flexibility. The company was successfully able to create value for its shareholders by consistently delivering high dividend with an annual yield of 6.4% with a 5-year annual compounded growth rate of 6.08%. It was able to increase its premiums and deposits by 13.7% from 2019 and provide a return of 14.1% on shareholder’s equity. Great West Lifeco had higher returns (23.5%) compared to Canadian Insurance industry (19.6%) and Canadian Market (19.9%). All of these was achieved by focusing on strategies that drive growth through innovation and disciplined capital deployment.

2. Diversified earnings by product offering and geography: Great West Lifeco has diversified its revenue stream by offering specialized services in insurance sector and other financial services across different geographies. It offers services in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. The company’s earnings is diversified with 45% coming from Canada where its operates through Canada Life, 10% from the US through Empower Retirements, Putnam Investments, and PanAgora, 25% from Europe through Canada life and Irish Life, and lastly 20% through Capital and Risk solutions business unit from U.S., Barbados, Bermuda, and Ireland. This strategy help reduce risks related to volatility in particular economic region and reduce dependency on a single service or geography.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

Major Brands :

  • Canada Life
  • Empower Retirement
  • Putnam Investments
  • PanAgora Asset Management
  • Irish Life
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TABLE OF CONTENTS
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References used in Great-West Lifeco Inc. SWOT & PESTLE Analysis Report

1. Annual Report - https://www.greatwestlifeco.com/content/dam/gwlco/documents/reports/2021/lifeco-2020-annual-report-en.pdf
2. Great-West Lifeco U.S. subsidiary agrees to acquire Prudential’s full-service retirement business - https://www.greatwestlifeco.com/news-events/news/lifeco-gwo-news-release-july-21-2021.html
3. B.C. amends law in effort to address sky-high condo and townhouse insurance - https://www.vancouverisawesome.com/real-estate/bc-amends-law-ky-high-condo-townhouse-insurances-2709285
4. New Jobless Claims Keep Rising Unexpectedly Despite Nearly 6 Million Americans Dropping Unemployment Benefits - https://www.forbes.com/sites/jonathanponciano/2021/09/30/new-jobless-claims-keep-rising-unexpectedly-despite-end-to-federal-unemployment-benefits-for-11-million-americans/?sh=663134791dec
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SWOT & PESTLE.com (2022). Great-West Lifeco Inc. SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/great-west-lifeco/ [Accessed 12 Aug, 2022].

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Great-West Lifeco Inc. SWOT and PESTLE analysis has been conducted by Pratik Vora and reviewed by senior analysts from Barakaat Consulting.

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