GWLIF - Earnings call transcript Q3 2020

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Operator

Thank you for standing by. This is the conference operator. Welcome to the Great-West Lifeco conference call. I would now like to introduce Mr. Paul Mahon, President and CEO of Great-West Lifeco. ahead. go Please

Paul Mahon

afternoon XXXX Good families to Lifeco's into Great-West safe Thanks, Call. and I Quarter winter. head we Conference healthy your hope Third and Ariel. as welcome you are and

COVID second our your essential displayed workers, to offer to such the face courage thanks show commitment we wave many as this continue heartfelt who jurisdictions, workers healthcare for all throughout thank tireless in you all selfless you to we have help And As serve keep and and our to communities and up running for challenges advisors to day you adapt work on To our employees, new many your of smoothly. each balance deliver the as commitments ongoing our daily you to thank life. efforts to clients pandemic.

President MacNicholas, Strategy, Garry Operating and Executive Chief I Officer, questions on answer and Retirement; Canada; Executive President Murphy, is call are Arshil Officer, Vice Garry and Jeff the to and Harney, Financial Also Investments, Ed President Chief today's Officer Chief on deliver call President Operating Putnam Group me will of President joining Chief and your David formal Officer. Reynolds, Development; today's Corporate Jamal, and presentation. us Executive available President Empower and Macoun, Joining Europe; Chief and Officer, Reinsurance, and Bob Investments. Head, and

today's financial start, presentation Before and non-IFRS X. your on measures notes apply discussion and attention I'll information Slide to draw cautionary regarding we to our materials. forward-looking cautionary These notes

our multiple of key I characterize quarter would Moving excellent performance third to see today. progress cover fronts. Slide themes our we'll level on X, high given the you'll a overall summary as

or to later I'll more including growth and significant six strengthen presentation. made advances these strategic in we on our transactions either the to priorities, announced closed First, portfolio. in speak accelerate our

several financial enabled and issuances, rates Second, on successful last almost to billion at completed low us strength. transactions maintain we've over raising our that historically CADX debt execute few months, the these

These in fronts, all line pandemic strong with $XXX of impact XX% on the $XXX ongoing earnings delivered the diversified great the strong of up our base solid million million, and these net continues which and underpinned despite the collaboration business last is delivered past disciplined management are we and Third, as across model, to earnings over of and teams the year, We our global exhibiting nine months. focus year-over-year. out. resilience play pandemic by results

turn Services XXXX. were An growth in a Net to of strong steady by for net let's was in reflects Progressive note up new an third-quarter of the of $XX MassMutual profit lower $X.XX that year-over-year, Base result year-over-year. Risk sale from mainly X, to Slide offset International overall on of to earnings overview Capital compared Personal Irish expected the by enhancement stream million favorable X%, I'd momentum yield Capital XX% results. of Ireland. costs. due EPS sales also earnings This per particular. offset include gain in impacts higher and Now, Solutions acquisition-related and after-tax $X.XX transaction lower QX, business share market-related and

the X, and provide of our X in some an Slide outlook. and Turning I'll on overview business near-term to impacts quarter COVID-XX colour

COVID-XX businesses and face change, adaptability, stability, the of diversified long pandemic. Our crisis the in history a competitiveness like have and current of

have virus many jurisdictions. Turning and fatalities over a to impacts, summer lockdowns cases more the recent resurged, there been and has was since in COVID restored in the pandemic slowdown while months,

levels increased. in Lifeco, average future work the remotely. and forward situation fee As staff on levels Across year depend continue asset watch such, declines we fee XX,XXX Expectations the business on sequentially majority will market maintain the from income activity. a as and the to sharp recovery improved income our of market movements close for going progressed global and early of

mortality business, COVID-related the of see the financial to insurance balanced reduces longevity our across our book impact. While nature we greatly and increases continue

claims interest our to and and group in expense at practices lower of in Canada level in claims partly we're terminations, remain dental focused a action due claims ensuring quarter, needed. improvement disability administrative on environment, we've closed Empower, saw more disciplined wellness Canada, and management work and leading I'd in financial remaining taking U.S. with August, this capital. limited our underway we as recoveries personal effective Health an the Looking for disability pricing We've opportunities. integration return seen to We're participants increased asset and to plans to in an not at pandemic services-only plan that the highlight most track. is offerings. like on and retention transaction The plans. hampered also for increased seen solid in also In the has invested. advisory integration

a can metrics quarter results Capital's You see our Personal partial and of disclosures. performance in

Finally, Putnam, third second losses. first-quarter offset gains at more than seed in the capital and quarters,

some businesses. there's annuity and Europe, between to but offsetting Looking expect in with life potential the rise wave, our for we mortality second impacts pandemic a

of equity resilient. While could slow release X remain assets an on turn Slide residential update values invested our valuations, the portfolio. property return mortgage for down lockdown to measures Please

pressures While as continues monitoring exist, portfolio. performance to we're closely the be and such, strong, COVID-related

paying we're attention and in estate the Specifically, pandemic office investments like particular. to stresses to vulnerable more real

of earnings cycle book's high sectors over rated the portfolio. and limited It's corporate negative the in believe impacted was well-positioned given seen or bond rated the XX% but to XX% the we it our quality. we remain First, downgrades monitored. The and rated medium-term, COVID-XX assets. downgrades and directly to in we'll A billion, impact look portfolio quarter, are with by invested from these our We've holdings higher. $XXX million diversified highly XX% date. the at expect our At high-quality closely bond grade investment the represents $X continue within said, and most downgrade That

Cumulative stresses negative in based We Next, the of businesses was The deferrals mortgage impact internal $X.X deferrals our continue $X.X in-quarter last loan we'll of payment the sizes. received commercial own million million property and number reviews, was million end $XX mortgage in Economic a to from on at $X.X approved for we QX, pressure modest turn downgrades quarter. quarter. put portfolio. down and requests to for rent all of investment rent deferrals. mortgage million earnings payment on is our

closely book our as stimulus to subside. asset continue We monitor fiscal measures

in property-related minimal portfolio UK saw quarter. impacts Our

grocers persist example will this is have we in real pressure office portfolio's expected distribution particularly some high been retail A pressures. subsectors, good mitigate is While quite book, portfolio, the estate stable to believe nature those warehouses environment. retail the in quality, the diversified our in where and and help

total turn to where context persist, associated While with we'll we expect sales. Slide assets. and continue we're they manageable of will invested to deal Please X, our economic will this be risks optimistic in dislocation the

our X, channels. outlined lockdowns market As on slowed many activity affected Slide COVID-XX X across sales have and and of

varied we're our benefiting pre-COVID newly volumes product business shelf, and management following to application are boost including levels returning seen starting to rebranded drive While September wealth expanded more individual our see in We're by have mutual impacts activity to we from as sales. post-quarter channels. improvements unit, pleased fund to new in slower sales some that digital July-August, launches, also through have we're individual are In Canada, end. continued insurance which helping

redemptions. of impact lower sales in group in-plan with Canadian planned offsetting were the retention sponsor higher lower Our quarter and

by has to been U.S., strong, and fewer solid sales is growth before. Empower. sales and with This proposal year-over-year, terminations ever and Moreover, impact the than activity. pipeline plan requests momentum virtual for higher moderated sustained sales is robust heading we activity sales primarily we down due large pipeline look at strong lower XX% activity in In ahead, were into quotation As plan see the a XXXX.

including the new Over taken sizes Empower approximately last U.S. XX covering plans client DC of all billion months, and corporate, employers. $XXX government, new has commitments, not-for-profit in in

Moving institutional positive to Putnam, sales particularly and net on we saw the sustained side. flows,

flows continue investment Putnam performance partial personal on the momentum and our sales for positive expect for U.S. strong back sales to capital. quarter include net We in clients. a of

Supplemental of appendix Europe, the Package. line. details In find varied You'll has Information the in slides in product and performance by sales analyst the

UK bulk by Ireland With and corporate in sales year-over-year sales, the wealth lower in annuity reflecting decline the and sales in lower wealth offset Ireland. stronger sales retail

wealth recent expected on continue is recover sales Ireland, sales back to ahead, in wins. expected to QX, UK Looking are on the bulk while of pressure retail annuity and

strong strong improved the sequentially continuing respectively. and and Slide levels. in and U.S., XX. have capital year-over-year, average Solutions continues our longevity Europe with Life but Overall, Finally, with to Capital business turn a asset steady risk to Please solutions for demand relatively Lifeco pipeline higher were fees

Germany. steady year-over-year. In reinsurance business, Turning management fees fees legacy UK health due business for year-over-year were growth. to added at the capital, U.S., growth to higher fees relatively the were which of Irish to and sale personal inclusion up the to X%, the fees higher partly and in participant were primarily by due X% Putnam markets, revised equity lower of our offset Empower, structure the Europe,

growth currency on capital, costs Next, business I'd the to discipline year-over-year. at with also travel in expenses. in up were in and note while technology expenses continued XX, expense Canada, and operating and personal on we'll remained segments Slide expenses reflects excluding This investments in due training strategic Lifeco X% across combination transaction look pandemic. and that all low our focus constant reinsurance.

Now, I'll turn the review the Garry highlights. Garry? financial to call over to

Garry MacNicholas

XX% with in year. to written the investment by positive longevity strong. and very to up earnings of comparable as and year, from were expenses. a business, last impact Europe's higher XX% earnings life Putnam's swung gains, solid. actuarial earnings strong yield contributions XXXX, The in significant to remained on capital investment business were solutions. group increased lower comparable acquisition to morbidity results of the quarter solutions over gains higher year, XX%, with this large earnings personal new for with result annuity new a recorded volumes will $XXX base information on business. in negative a year again opportunities. On were was offset it last risk positive the capital and new enhancements this included by with in past depending mortality over our $XX lower segment prior and to contribution the $X.XX Net Europe, XX% million future of experience as quarter Capital This base from prior sale of QX, million were gains loss capital had million. sales. in which which partly included strong performance In enhancement solid result and also costs and financing. starting earnings quarter, offset by was lower plus net and Currency favourable The quarter-to-quarter growth. personal added business Underlying claims Empower's included year-over-year. Whereas Base to to million a basis, over positive a is Canada. for customer. million. invest a offset U.S., small seed rates particularly impact a in the $X added business EPS this line business partly and saw year base longevity This of fluctuate which to up Starting interest from offset was $XXX unusually higher Slide key customer year-over-year. movements a in net with Note sales the year-over-year just on claims business package introduces prior was impact X% personal as capital, Favourable reviews business last experience gains metrics XX, experience supplemental gain in period. business bulk Favorable in experience U.S. reflecting $X.XX and reinsurance investment Thank with and very individual expectations that was up activities capital to earnings fuel base note solutions acquisition base from Empower very were growth, In on and customer were longevity period new earnings. up by as on annuity results. you, strong base Paul. experience $XXX of results to our growth. base this Europe, continues new primarily risk impacts the yield EPS compared strong M&A Canada, In

Turning and slide a are key related so the is to costs U.S. to. $XX earnings the had to which earnings, included of net XX, a million shows North contribution on their the not table on as this positive was and Irish highlighting base net to the earnings Adjustments pre-tax. X% business XX. Progressive lower late liabilities $XX are the a to to perspective. This growth, second related the of Lifeco Slide in particularly million were footnoted, market I'll turn to market segment XXXX source and included reconciliation SOE transaction far recoup earnings. of albeit impacts and are results recent much in American line gain European strong seen get continuing on the base reviews, Limited, the which categories, solutions we Slide SOE come actuarial saw markets, well recovery, in quarter, from base earnings above than total in table sale losses. as the up International earnings items particular, a that Expected Services categories of year-over-year shown as reminder, on QX Net in of currencies. Please acquisitions, profit capital in appreciation The back risk of positive from with

Canada. bulk and time annuity higher Strain which than into Canada was re-pricing interest in New factor and prior sharp lower actions the year, drop was of the on by upfront impacted benefit in both which business strain in in to quarter, UK rates, takes gains sales the sales. included prior with line but

contributed on Services. tax and in I'll by of which Canada New now a was is lower gain capital the the and of on on trading changes gains the given primarily the down Progressive rate the the is The also benefited it non-taxable Earnings the prior from earnings effective which management cover shareholder disposition this following as $XX first item. of mix will gains, business is period. assumption customer mix in costs X%, U.S. tax strain and million, the which to of at Irish year, Slide. of on approximately positively jurisdictional for one-time actions, lower $X of certain Experienced in includes acquisition historic income the quarter, impact resolution higher the a the The continue on overall next is matters, tax contributed time. million of and rate more depend earnings. yields jurisdictional surplus personal reflection

those and of processing continued project many leads tax a given fees be a as U.S. quarter. from from continued volumes. strong as comparative in tables businesses, grow particularly strategic down although as reinsurance of factors, to call to XX. the in today's was as morbidity. Canada. of modest other quarter. is determine Following and expense COVID-related a future on difficult back recent in impact also Slide Expense I'd to probably benefit the in reflecting mortality, and European services contracts, periods, but Starting longevity, contribute the to there turn reflects double-digits, the Please positively, acquisitions. diversified this it highlight well on what segment out, and growth low likely lower will the In spend, is mix in variances the experience impacts on various we yield versus results, changes to actions book to related the the in this well positive the expand on rate combined our items admin the net as assumptions U.S. lower recoveries management reform Credit in cases, but again, continues transaction These our business. average and to and future enhancement left, exactly on rise

side, Looking see gain on the sale U.S. at earlier. acquisition-related the the noted in right-hand transaction you'll costs net

economic a with U.S. pickup You positive and net assumption mortality, between see longevity also in changes of results in period and life assumptions. review the impacts on offsetting the largely a can of the

a assuming quarters to scenario, most new and X% the that interest LICAT we point in in following year-over-year, over shift increased X% to impact translation. adverse Canada normal of Life reduction levels sequentially, QX. The largely ratio adverse Turning scenario, most stay value remained from offsets the LICAT been arises have the up currency QX five full per Slide same steady smooth quarter. be rate will this to a book earnings up down share and by capital and growth about from X requirements a was driven retained at $XX.XX XX, the next and typically X% X% The continue

you, cash included Back LICAT That know, my is to ratio. Lifeco in remarks. to of $X.X Just the not Paul. concludes formal billion the

Paul Mahon

Garry. Thanks,

we'll Empower's to Moving XX, services MassMutual's Slide acquisition retirement business. of briefly review

where larger strategic newly deal, the capital aligns position with revenue our also administration capital it's Empower base Empower market. two Analyst we proven Empower's synergized combination the on synergy synergies close, the strong business. On the growth retirement Company's with in and earnings. integration. acquisition business or expected acquired $X.X of U.S. personal expense and as and Empower's platform call, growth will and noted significant number It As million to profile, leverage and $XX.X and more wealth business. basis to and across billion to margins to a record Upon It assets opportunities earnings hybrid accelerate integration, personal billion. fully this attractive a for Empower's cash track strengthening it the objectives, of across prospects unveiled engine U.S. will management a digital participant Lifeco's XX% larger growth September the increase wealth platform a presents combined be in $XXX summary, under flow enhances retail Lifeco. highly Canadian from retail transaction In a adds segment is following positions

formal transactions. on a number last the across remarks want highlighting strategic portfolio actions the provide strategic of by Slide taken quarter. reminder we the over of to Finally, backdrop a the I close XX, these our to

of management For increase personal and Third leveraging deal, the enabled meet over million of it's the to of needs capital wealth platform XX Empower, Fifth to Americans. synergies about scale the MassMutual the the tuck-in beyond plus business, digitally a

broadening UPS, With management and revenue, in and stronger our Canadian in Wealth more open about for businesses focused transactions GLC operations, Account To to Mackenzie assets the shareholder line our growth to General diversified our Northleaf the conclude, our accelerate products. Channels and please questions. on these investment strengthening in that, both Ariel, back For are solutions access actions are value. Management and to

Operator

you. Thank

We comes begin question-and-answer Please BMO will from the go Capital. now Instructions] ahead. first question session. Our MacKinnon Tom [Operator of

Tom MacKinnon

the solutions capital sustainable may to in afternoon. have that, in an terms don't Is here, business but happening questions that, One anything been much. of would have Thanks what respect the to and driving reinsurance stronger here. the that of solutions very and how anticipated. indication be to there the have like driving Two improvement and we what was Good Seems sales anything with risk than segment. or we here is it? capital

Paul Mahon

off, Tom, hand Jamal I'll off Arshil that who's start I quickly to will business. responsible for

and solvency solutions, we've we've develop positions. actually growth the I we footprint the to strengthened to expert the looking they're are when implementation we're in Europe, they with think back the capital Then steady out over solutions. number current innovative looking risk in market, you have our that both their and very business, seen to people years in secure environmental of are the where factors of expanded and terms also of add last as new there, environment, up expert, the on team capital

growth little the that's the for where a going of now, Arshil? seeing a given and internally, it's business let growth think we've but bit things right are more Arshil relative sustainability. kind to in speak that its market. we're I both I'll primed the done the also things on

Arshil Jamal

Paul. Thanks,

third last in this highlight expected year's year profit million third So, the over echoing I $XX from to quarter quarter on growth comments, just results. Paul's will

business the across we've particularly lines, longevity that the out. So, Paul and demonstrating that growth vitality all the seen our that's product of called really but of

new third a quarters wrote new experienced year's negative ago to had quarter, we meaningful from saw to a last In transactions we this reflecting this contribution the losses that year favorable of the showed that that, a in from year addition quarter in business. reduction quarter. business, Then also impact the quarter and

the business and contributes we the transactions that think of expect year-over-year I appetite we're to to quarter, loss, particular sometimes the noise. the whether with impact that a growth that it's the really in profit a we depending continue up end in the to but or expected gain small would marketplace. we is that our on seeing demands Then closed a particular small risk

profit I'd the that that's But results. growth this extra on So, color strong quarter's and underlying put emphasizing financial year-over-year. again, expected the

Tom MacKinnon

growth? you do a in rate what terms segment profit expected run normal Arshil, would think be of that for

Arshil Jamal

grow say there we It's provided is double-digit not a for business preference reason to that businesses, last are risk four us disciplined on and and in market by very to growth the very All is underwriting appetite can hard demand and that we our rate, control. given market little that put the no run risk relying have different to and experienced longevity we've there able while. is be I

to the there's I opportunities very strongly. very, business reinsurance grow of also other parts think

number see the to hard a to forward, expect we growth rate. it's So, strong but on going growth overall really single put

Tom MacKinnon

question I Okay. is wonder Empower. quarter-over-quarter fell what respect X%. participants My about I that. to the with was noticed follow-up driving

show to Empower. associated us tell terms cash what's with used flow with net been that have Thanks. You Empower that. flows We can to you at Maybe of anymore. seem happening don't in

Paul Mahon

happened I the that of we Tom. especially a particular what's from going into way a in Murphy. give movement we're very Ed time-to-time potentially Ed when bit Thanks, Clearly, winning insight to I'll Ed? you at large flows. one and to from period case, let where or cases am are over lose but might quarter-to-quarter, turn there's looking

Ed Murphy

sure. everyone. Thank Paul. you, afternoon, Yes, Good

of growth, cycle. One, participant in factors there. a terms In sales we did of a slowdown see couple

I talked that previously think about we COVID. to due

I attribute deferred. sales. timing would say environment; would It's things. anything been the So, more less layoffs, from furloughs, of else. in of the be of that new existing to would impacted growth those certainly we would factor participants sales types specific than other saw clients have have what COVID, Then which experienced, issue terms typically we than again, I a

the normalcy. resume that some expect to of or gets as starts We to economy point back to back come

typically flows, would participants access In say I with than see. we that terms looking what dollars. Again, primarily think what of would did see to flows, we was higher I distributions

more the flows, business, the whole to distributions large during part if look had due the you general in were across favorable But quarter. market. we last So,

Tom MacKinnon

actually have a that your if don't Does Empower to it’s decline, any mean sales quarter-over-quarter? you get going participants,

Ed Murphy

No. What is… means it

Tom MacKinnon

Because that… you mentioned

Ed Murphy

some you being out quarter. pushed be the decline, as into you look if is at see There quarter may happening a sales Paul what's are where future but mentioned,

contracts Our commitments. high is commitments it's of ever history. as pipeline are The terms and as been as high as they've ever been in in

So, that's existing other didn't Then mentioned the dynamic base. there. the I just participant see coming we the is, factor growth from customer as

Tom MacKinnon

That have means naturally have the participants number Is you of sales. in drop unless you will a that correct?

Ed Murphy

Correct, yes.

Tom MacKinnon

What that retiring, would people plan, migration be just Is just driving the normal just that, people? leaving people of et cetera?

Ed Murphy

There's pretty tied generally and growth completely plan, that where in Tom, to existing the participants, saw level are we or hire, they're our from continuing activity, It's but, see we the a that's enrolling employees, good off economy. client that base bit. where new to

Tom MacKinnon

Okay, for thanks that.

Paul Mahon

Thanks, Tom.

Operator

Meny Our question comes Grauman go from Scotiabank. ahead. of Please next

Meny Grauman

afternoon. Good very resilient Europe first was Hi. during lockdown. the

that or the in that performance, see Now, will taking we any time there you to likely right be kind there see little the place that different? safe it to have assume wondering, bit lockdown? believe is I'm now because Are any of different dynamics a European to of second we're same the lockdown, this is business reason and a

Paul Mahon

this Meny, going and I'll David general Harney. off it pass I'm I'm to rule. as to would say to then I it and a say, that start on on going more What

a ways will doing There's COVID where example, and a with and think we I forward. don't for the go but lockdown. figured We're new ways on-site. release there, out digital equity you think mortgages, out in have governments about has to, out have those to probably think to figuring get general the through little and physically drive actually better think as market A manage be I bit of economies things second I where David ways to example, ways number mechanisms great customers. and out do evaluation into connecting of if you figured businesses generally organizations figured property to different it for as how

business let think the good he think stead, impact reasonably us in lockdown. how I David? lockdown this first that I'll perspectives current stands to David I the but to speak So, thinks will on relative

David Harney

comments in quarter can is months I think the experience Thanks, environments with two business we're lockdowns Obviously, results in that's been same. versus North to in those be our seeing quarter don't to the closely quarter-to-quarter, have been so. from and the know now our are results much volatile change I continue adjusted to three, from Paul. on to from has colleagues the America quarter like I going I'd we've three. resilient going agree two Europe like quarter six what think and the COVID another business in but or to and operating for talking now

quarters? volatility So of the a we for and last quarters difficult normal the really of continuation is then few that’s our continuation the seen see being last two we've to probably as last the what a next for But few predict estimate us. best

Meny Grauman

that. for Thanks

Paul Mahon

Meny. Thanks,

Operator

[Operator comes Doug from Desjardins next of Capital Young Instructions] question Our Markets.

Doug Young

afternoon. good Hi,

on the are showing XX, maybe I of on you million. XX common that impairments MD&A When Just related $XX a Page million. your look starting just and $XX on and clarification. data XX, at post-tax and you quote and credit But impacts Slide downgrades was shareholders credit in net

clarity, or difference, Just the that to of release wondering a the related little why to asset what's get part default of is the provisions, difference?

Paul Mahon

That's responsible over to earnings, question the a person good for of source for the Garry. the you actuary so

Garry MacNicholas

the your we amount that's or to expected display, much There's some release. source I you the Yes. loss answered Actually, the just expected earnings question the of into said, shows earnings geography just estimate a may shows MD&A source profit, experience the net best already baked credit gain experience poor do When relative think total profit. pretty as of question. really an you've own of The the Doug, where impact. amount. It's

Doug Young

on be Okay, SOE so thinking impact I I'm earnings, the about. about thinking that the should

Garry MacNicholas

thinking that's the zero amount baseline the you're if If our that's a from the from then variance of impact you total the what's on think SOE. profit expected about in it's the earnings in of then MD&A, what's

Doug Young

number. Can and Okay, impact on starting you downgrade credit, bit The you that are sectors Europe? to an absolute feel you talk million to Then from maybe feel see sectors Are to there in about the me. clearly starting which more the that a impairment the regions sense $XX regions? talk to in Is here, America? makes an North just was can to you that. and If starting across are quarter. as it

to detail more on hoping a Just little that. get

Paul Mahon

hand Raman? to take one to Srivastava, that. that going can I'm who Raman off

Raman Srivastava

With have Paul, QX, QX muted respect is and thanks in Doug. in what we've decelerated. we what downgrades so in QX seen say a I'd for and versus the downgrade, Thanks, saw the even question, of bit pace to

you been have most, imagine most real all Leisure been others, that's true Canada, but terms be QX -- hotels, hit the decrease, pandemic, ones estate, Europe pandemic. impacted that hasn't trend QX U.S. so trend. those across most impacted which a the more amongst I same been Then it's might by versus whether travel, across it's major regions, all probably been the and generally in that speaking, by would pronounced the over QX. and the it's sectors, of regions, has but in the the and been think really sectors, versus particularly

Doug Young

a looks bit, base Okay. were dig like UK quite when earnings the XX% into down or so. I Then just Europe, it

a on about year UK base function? been Canada, was enhancement similar the and but significantly this a year, You significant last so where has there, the down earnings came talked yield it quite is driver in

Paul Mahon

want well, David Harney and I'll he start to Garry? may defer but to on off let that Garry as one,

Garry MacNicholas

on I were year, the point annuities bulk to did there UK, new that noticed, mention, this UK bulk last gains I rise did comments, annuities in the thing first they we think the the and in I think I in year. didn't business

in a we are affected was recollection think year-over-year, think is and I would our as ratings down well, base mortgages, had we of performance; experienced the ourselves, review those it that's earnings. the but and our a in and UK UK we in internal we UK was results we of in those saw on course, bit their have the couple but mentioned where as internal review. the of base gains, were well, it that Then and of again, the in those lot so flown earnings investment Raman downgrades, an I have a a lowered the the two those on did would things bit Of investment my particular. did when some through

David Harney

and what and That's just good was in quite the is last each documents. think element year, you documents I the Garry, we've strong disclosure on so see QX Yes. quarter's information disclosure results shown an case, there the

very of just the just modestly think quarters, lower I if and running with it's of quarters, all for compare the you for our you investments the average sort all UK experience. to the think below versus to but of slightly of annuity sales what do average

Doug Young

Okay, great. Thank you.

Paul Mahon

Doug. Thanks,

Operator

the [Operator This over session. like conference for question-and-answer closing the Mahon I would turn back remarks. Instructions] Mr. concludes to to any

Paul Mahon

Operator. you, Thank

in you to thank for would at Just do the today, connecting is participating our you all healthy your We to for to close and to forward forward to a what talking reporting really then, end with I year, of end you Take everyone and like safe time. of look XXXX. look questions. care. just I QX the wish

Operator

conference today's call. concludes This

disconnect you participating, may have your for You Thank day. pleasant a and lines.

Great-West Lifeco (GWLIF) 8 Nov 202020 Q3 Earnings call transcript