GWLIF - Earnings call transcript Q4 2021

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Operator

Thank you for standing by. This is the conference operator. Welcome to the Great-West Lifeco Fourth Quarter 2021 Results Conference Call. I would now like to turn the conference over to Mr. Paul Mahon, President and CEO of Great-West Lifeco. ahead. go Please

Paul Mahon

Good quarter Ariel. your welcome Great-West to are Thank conference afternoon call. fourth XXXX and and We Lifeco's safe you, healthy. and hope families you

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

in for challenges. CADX.X the I'll continuing presentation of Prudential add to a contributions again made These across quarter early made by expect to Slide and Services MassMutual the the and Please amidst organic growth, on transaction, results increased of base results creation Empower's and over XXXX. their Retirement benefits Like to notes Before our we market. significant and of and U.S. financial adapt. priorities, and important market expertise I businesses. Lifeco customers have retail expense XX% deliver out and greater Full great acquire delivered see to of ability the dedication XXXX retirement recent our when acquisitions further close past business management and businesses. will and an pandemic reached disciplined our wealth creation been your across year capital broader healthy X. synergies In our agreement Slide In DC advances of EPS is in organization demonstrated colleagues reflect Prudential of during the MassMutual information earnings capabilities, growth momentum XXXX. priorities. synergies, rapidly Great-West wealth we the continued Empower's base integrator which maintain position the Great-West and reinforcing value billion to the U.S. deployment. Financial world, we an attention over a strength proving strong integrations progress Empower's the and Guided year. focus opportunities to changing CADX.XX once XXXX on U.S., high Empower The client discussion management as it's strong my in as thank our value scale, and we cautionary Personal materials. growth non-IFRS year today's start, it's an forward-looking we regarding second Capital positive Lifeco asset The in measures XXXX in leadership X. on turn apply to draw retention

picture expanded and line We Macoun plan new with financial It new Jeff millions an the the digital a advice like Ark our it services strategy benefits Americans in one implemented in also of guidance well-being provider I acquisitions This top Bank. the two have wellness primary joint and footprint Europe, unique of online over strong congratulate million longer-term in for step offers who X.XX lifetime growth Government and this rolled finished to Personal and million experience. to XXXX acquisition When wellness with plan and Capital's a group we to his is Allied retirement Empower Irish Ireland customer expanded our advice. support In and the Federal Life TPA capabilities now financial personalized financial experience person's TPP investment Irish business to adding of plans Life of XXXX, digital largest the when illustrates Canada, saw the with be was launch Canada. out we'll Empower. available our platform in plan participants. it's to of year being win. the group be ClaimSecure, members across in tool and continued The access users a is supporting the single Life X.X healthcare the services market. increasing expand team plan, with awarded Canada and strong additional In historic Canadians. venture million with and

brokers in our to position Germany, in recently in Germany. expand strong We wealth recent grow In group us sold developing also through platform and retail digital servicing the advisers continue brokers, have to launched a management. pensions ability gives of smaller our leverage stake the where in acquisitions we to pensions our market

and entered new across at into Putnam, North product launch this Life. and Our existing and ESG to PanAgora our Capital And while partner continuing markets bespoke develop business investment company, employed portfolios solutions Risk the ESG year, the in Israel to in provide America Europe. expertise and new Japan reinsurance Solutions and Canada and we clients to

COVID healthy and a and ROE acquisition. growth, XXXX three with of We on outlines capabilities years, to our our performance against pleased medium-term rebound the also from established solid Base financial Together, year execution in management payout mix compounded expand priorities last from over three led exceeded tracks or in growth XX% have businesses contribution in the financial Slide medium-term those target one to the and more MassMutual XXXX Slide all strong XX% of in capital-light group Please our access to years. value in our our Base with growth in XX.X% to to wealth three strategic X% and within This XX% the continued and XXXX. recently against reflects turn and Holdings. our towards three objectives X. XX%. performance to investment was XX.X% a organic XXXX Northleaf year measures. I'm meet disciplined us range our Please EPS Sagard partnership objectives of shift reflecting and strong to impacts XX% a X. dividend focused exceed basis. our alternative of recent slide our And turn through objective, ratio creation priorities

Base quarter fourth and overall year-over-year. net were CADXXX of higher the CADXXX values. of earnings of million. XX% performance in year-over-year organic per up Net saw with synergies CADX.XX down were results. Base earnings achievement million EPS growth Our businesses, share growth, earnings and XX% benefits The the reflects CADX.XX strong was solid were strong acquired along market year-over-year. of

the recall, the the sale included a positives, revaluation deferred U.S. gain GLC. and tax two on QX net You'll of asset XXXX large of

smaller given Ireland. in acquisition acquisitions Capital quarter, recognized of strong considerations Personal and the the performance This additional we number contingent of a wealth

it all impacts period, value being the strong and While enhanced created capabilities digital insights in turn segments earnings product represents types these significant Total X. these supporting from artificial XX% were momentum in sales in intelligence year-over-year with Please from Slide strong additional the results. fourth for quarter. sales and business saw net to up Canada future it acquisitions. sales

In business addition, pre-pandemic the earlier and the in not significant in that full Federal the market Canada Momentum both is has in year. health sales, noted for win in numbers, Government levels. these returned quarter led I which reflected to the the and plan actually group life

and Empower X,XXX improving to advisor capital turn strong a funds sales. have saw Management planning X. up Please our application to introduced ESG year-over-year Solutions online also advisers up customer Large platform, trillion. digital seg in over limits to network under coupled IRA in We new financial up the to increase Internet financial enhancements, access aging growth to $XX and Advisory administration, were assets for in while billion. assets expanded and XX% including product XX% experience. amount excluding Wealth Slide our SimpleProtect, momentum personal with Capital, $XX now were XX% Empower continued with drove $X.X billion, Personal strong plans Retail assets

five on to continued turn strong Europe, to in Risk achieve Personal And turn retail AUM assets positive institutional Europe our lower X%, saw $XXX fund on cost fixed and noted and mandates. sales were of quarter growth, turn on net with flows growth was fee sales by across are increased both and and in increase, a higher programs and Lipper Morningstar basis. million. Solutions in Slide and As driven key performance totaling a of the fee were improved our and fee metrics, Please progressing performance pension in and on rose up year a slide. billion $XX both, assets consistent end including our the U.K. Ireland. market remain life growth with is asset pretax mortgages increase annuity Ratings were schedule. CADXXX and to with resulted levels negative products. in year-over-year, on release synergies target U.S. $XX the XXXX year three modest rate. XX% in Sales equity Results to we to under strong Empower's noted Putnam's MassMutual. profit Slide XX outflows portfolios. muted on Wealth run by for up In average growth international and above in and in We billion. are in underlying broader Capital expected sales deals Putnam's demonstrated year-over-year funds growth. flows X-star million the achieved X-star continued at and Both pleased and earnings earlier, date closed X% with well structured administration AUA segment, strong wealth longevity offset flat trends XX% Slide products as flows to and $XXX the to MassMutual track rate by are with retail impact XX. dollar In our income million investment finally, all Net stronger by reflecting Median sales over Please annual three X. investment-only participant year-over-year We've in continued and bond U.K. momentum. Please equity Capital of by the of integration the XX. largely bulk performing Putnam's

the longevity quarter. see traditional that highlights. adverse prior with that, the move continued U.S. review are Like We and was Garry pipelines forward call are we the from pleased the structured strong to into turn experience XXXX. to to solutions Garry? And I'll we improved that both in financial our COVID-related life industry, over as

Garry MacNicholas

as very pleased with quarter. the Paul. Slide to we Overall, were noted, results XX. financial you, Thank Paul turn this Please

the business base an base this reflect Canadian organic several profit down deployment activity recorded the experience Business in added strong the in amortization income. dollar. also diversified in quarters CADXX the life quarter. see couple million of year-over-year the performance business with significant the Notwithstanding was fee year. evident and the strength continued and business and given business market saw strong $XX up X% and the The and experience, broad-based across one-time this to and the from was strong book were U.S. to or book On Risk million expense In in has customer growth have far. annualized continues business. growth, initial claims addition base on of XX% and growth momentum Empower perform asset million, line to a segments, earnings to activity in retention and been this million, also in adverse year. year. fuel X% integration year. acquisitions disability, Capital stock past in Compared of in was the and achieved the triggers the quarter. good the of was to business, strong to date yield been net new Solutions were levels of a The up with profitability continued the last Reinsurance fundamentals CADXXX including from the pretax QX at synergies earnings, Note, EPS strong $X to $XX solid acquisition targeted capital additional very contingent due and with base to constant due includes well, generate run track in earnings this exceptionally currency, profits base with the an million highlighting a the the MassMutual thus is The $XXX enhancement turn, expectations. although and loss business welcome reporting strengthening million expected year. a expense invest true-ups. basis, up particularly solid unit, contribution Personal from rate of This MassMutual of base of increase and prior including business health strategic Customer reflecting last financing consideration gain. recorded in-force of year, Capital also enhances. we inclusion U.S., down XX% Starting costs strong earnings synergies Canada growth The last to continues higher producing acquired the significantly to factors, CADX.XX the purchase In and of growth results to Canada, insurance expectations. has later exceeded complete across

Paul two having million On Capital access Empower base the rollout integration with experience. over enhanced digital front, capabilities to of noted, the client Personal underway as the is plan the broader to the participants user now successfully

whereas were adverse continue year-over-year, the impact. Putnam's and stronger year-over-year performance with the the base the tax X% and strong to again earnings offset positive year, for in period. and $XXX were sale tax up to contrast access Capital Looking earnings compared performance lower newer year-over-year year-over-year on into near we offsetting capital as the bulk X% a by benefited organic in Ireland-based at markets investment income business claims this in year-over-year the a in CADX.XX gains last base rates see higher recognized additional with Empower, XXXX base a life have small by million the $XXX the calendar elevated industry U.S. in COVID which of net items and on hold during health the of in sequential life and notwithstanding term. drove line tax. acquisitions. more number to Risk expenses driven due higher recent increased revenues we XX% than success resulting Capital, from experience expansion and mark-to-market seasonal investment excluding QX fell the impacted large A earnings did new EPS not results Personal earnings Empower In XXXX. Israel. claims with including the the expansion Paul In couple experience, Netherlands been continued products the result performance level, result, grow, a of offsets run from XX% partly decline earnings primarily In reported yield in reinsurance steady. $XX consideration base higher as recently seed the after XXXX, base earnings, markets claims earlier. less basis, more additional disability rate. Germany income of Empower higher for MassMutual strong enhancement to as reduced fee and U.K. smartly year, net fees U.S. growth, in business combined QX, benefit, At both mortality increased were one-time base Lifeco fee Empower with earnings past to two AUM and and with continues million, million Solutions, the average currency. line and favorable Europe, quarter, from business closer approximately we and of growth in in earnings in notably broadly Allowing with from net large longevity and Japan And provision fees gains On several totaled contingent noted were normalized rollover this business. quarters IRA this, earnings U.K. the base annuity income constant declined losses year by and this increased and one-time the from nonrecurring a a of the quarter. the

of which covered are impact to These which and We to CADXX the slides. can net earlier million I'll overall. minus in XX. upcoming further the various acquisition-related liability-related see Turning Slide excluded describe actuarial items predominantly

the next Turning source two of XX. slides These to Slide XX earnings. highlight and

on reminder earnings the the that a base display I'll net line and amounts the comment earnings And perspective. the pretax. are a SOE then XX, Slide perspective with above net focus earnings First, from a

euro notwithstanding basis. or U.S. QX a XX% added expected up expected the First, that in Even some X%. year-over-year, dollar currency quarter. year-over-year pressure MasMutual on down with was profit XX% currency the X% up X% XXXX was not million this addition, CADXX constant down and before profit but was

and We levels. X% Solutions segment Risk business more increase Capital benefits fee the up strong given Empower currency from organic from Canada market are modestly growth headwinds. seeing income and coming was a and Europe grew XX% higher at

this a on Moving U.S., the of call costs strong quarter adding detail impacts, sales the gains out to non-deferrable slide these result to U.K., in period business this acquisition CADXX outsized actuarial an offset non-deferrable from U.K. points. modest the transactions Experienced million experience an acquisition. an business accounting assets, on along and segment. Capital and bottom interest which seed these large U.K. from of impacts and as gains respect business strain non-controlling increased reflected Prudential losses of wealth the effective below increase couple accounts MassMutual jurisdictional as loss the of QX cover Single advanced impacts from XXXX, on business minus quarter in to surplus year. contributed was smaller million experience changes. the has ago. bulk funding the primarily new gain of tax base the to net rate pretax quarter in new reversed building on positively Putnam compared the earnings. I'll at this and planned In the ones CADXX on reverted in and tax the business XXXX new outsized on the of CADXX capital in rate line of saw net income it The secure reflecting Earnings positive in such, release of for new quarter cause million annuity the In consolidation seed earnings, QX a Note, and earnings we Solutions the plus was can earnings costs million earnings sale between is on of Retirement more X% on tax last to between next the acquisition costs team gains effective certain strong line quarter to base By capital financing investment the impact. in million a year, relates slides. due and able last large and was and XX% mix in this and compared year to to primarily and comparison, are way a period gain fluctuate the CADXX last to basis exempt more base quarter this I'll excluded to backing quarter, are CADX two gain business in shareholder certain producing no property-related in reinsurance Ireland tax investment down which SOE the attractive Note, liabilities actuarial with This provisions. the base Risk the is this lines XX%. difference SOE

Slide the as on well tables to of and to experience various management XX. as in the quarter, Turning the assumptions in already. results we on touched These which actions changes some highlight items expand

positively, the on continued Canada in left, enhancement this in shown the yield quarter. chart As to particularly contribute

basis The liability next from minor adjustments in experience reflecting I'll a modest one-pass in and assumptions with longevity a portfolio Irish continues impact and and recovery detail book expenses contributing on costs high-quality changes investment well and COVID-related the and We here health, items. The details in residential in were a gain. to Credit-related mortgages of of lease U.K. offset shown previously reinsurance expense volume other group in was as mortality, economic our a some impaired the U.K. continue net business inflation right seasonal project originate diversified slide. disability primarily and of in with by to review positive strategic perform the morbidity a on chart benefits impacts The again, impact changes in positive life U.S. the reflect experience business. and life, of claims to the ratings quarter this equity assets more variance modeling, benefits provisions period changes variances and positive risk used major of expense interest areas. the due on European steady combination solid the backdrop. property the negative in in to this modestly an and

pension normal highlights Canada, the more as supporting segment. year-over-year, in to related in as Moving our Empower. was sales sequential sequentially, were in the basis, increased These In also And M&A. in and to OCI in to remained normal solid compared at than Canada year with CADXXX excluding through quarter, and of X% In And U.K. expenses sales sequential of in growth. by were been the year-over-year, to book curtailment million was continued expenses given some year-over-year, solid due the items. strong up given with one-time MassMutual, in U.S., rates. one a in turn technology but quarter. headwind has added strategic dollar QX partly transaction. strengthening to out at by point U.S. acquisition-related higher, largely in results given the X% ratio This strong the amplified on due we acquisition half Ireland a by operating equated driven In expenses interest seasonality to In items Germany. related expenses Slide up were gain business costs Life markets. in increase the expenses pension the the part The in the the related is Canadian well Slide CADXX.XX saw increase up up that the this net Ireland MassMutual the dividends. certain one-time to both given to the bump and by and expenses sub-advisory million retained were expected, U.S. Risk business expenses in has Currency investments reflecting basis last activity CADXX expenses GLC/Mackenzie we seasonality Europe's as up newer quarter. LICAT of earnings rest expense and earnings Canada's each due Please the value XX. and expense expenses XXX%, quarters. the in Capital primarily and to offset slide for XX% was increase, past Expenses business, four growth per increase year-over-year, into year-over-year. was been a sequential aligned On growth. one-time organically X% OCI Solutions, to this in increase translation expenses and The mainly seasonality of increased Europe, items share The and The increased growth expansion last at to QX while investments XX. expenses called

In impact nullified Life most change quarters to a per QX. quarter LICAT of scenario downward this addition, next Canada for an five moved new the to prior adverse this point time. scenario smoothed the in expected of lead This as one quarter to increase in and the is over is

the Lastly, at cash ended included LICAT which quarter. is the last in I'd not Back billion, unchanged to ratio from Paul. Lifeco note CADX.X you, that quarter

Paul Mahon

turn XX. enabled formal and we're in saying line that and M&A comments we organic pleased investments Garry. bottom our I'll close Slide our to leverage Thank growth. as with our momentum you, top across Please by line Lifeco

we needs that interim to of greenhouse and ability remain on this emissions to we mindset against and value gas concludes look equity our to organization. to diversity, value integrate initiative XXXX. responding please us stakeholders. inclusion make We support confident and priorities. by our more for acquired work in net of our environment, zero open announcing shareholders, the in on this a Ariel, the targets this believe This later execute enabled as must sustainable We formal to be also sustainability committed across the work sharing line our developing to all financial to deliver we're questions. my for remarks. commitment implementing with to and That year. this It's forward achieve strategies ahead, create we that successfully Looking medium-term objectives creation businesses

Operator

Thank you.

now begin from Meny ahead. question comes will session. the question-and-answer of [Operator Scotiabank. Instructions] Please first Our We go Grauman

MenyGrauman

afternoon. if related Garry, referenced Anything you wondering I'm and any retention? you could provide? Hi, retention to have numbers for good at you good more MassMutual And us

Paul Mahon

talk actually look Ed? Ed at I'll where but Paul. range Ed color. -- we're over going in we it's from won't to and provide The a of retention reality that across segments Murphy We perspective. more to little at about to on a at that. is performing I'm retention better different across turn Manny, a segments get those or let I'll bit we're jump

Edmund Murphy

is feel to clients there are. wave eight will really The a total we over over to our Yes, platform. We've next where point, waves. transitioned about Paul's transition we waves good of three of fourth weekend;

to But So, the we're complete both at early retention asset XXXX. or the retention. fourth transition ahead terms in of retention, in revenue we expect client quarter running plan of of and

Meny Grauman

follow-up. And just a

in just your there. Is So, you're way that I halfway that of mentioned, of terms that before? would you assume kind right given the comments

Edmund Murphy

build we program. part waves No, I halfway smaller, of larger, would expect, terms transition would say, the We're waves the you up in more to tend say yes, complex waves. Meny, as the there I there. latter start probably in and off halfway towards would the of we're of not number But with the less complex

Meny Grauman

just was equity in just discussion Putnam trend? what earning into And And higher kind there mix shift income I'm then products. at from that you do away of of are in gears, fixed as wondering, what forward? And some early what's for shift terms that switching the given see you implications at the happening you going expect seeing? performance do look Putnam, still you're And QX, that in at

Paul Mahon

off one, I'm then that to going Bob. to turn Meny So, start I'll it and with

opening comments, in with my really in it's Putnam's outlined clients. that see performance And Ratings. Morningstar I the we're you for as pleased So, fund

to I obviously attractive in funds outlook. experiencing clients. speak what in Bob? manages sort particular, that think is think that. see that strength And Lipper we've And Putnam Bob seen is to And flows. and equity phenomenon itself, results let in the that's You but I I'll of in his an industry

Robert Reynolds

XXXX; all I said, we have of did flows positive think performance. it due And was at to the equity channels. when as Paul you look in

X-star of equity fund majority X-star the -- a are and side. funds majority X-star large in and the a [indiscernible] have We of

So in the of we in positive all thus again, in flows February, we're far this have year, even do channels all in equities. though channels, early

continued. has that So,

Meny Grauman

Thank very Okay. much. you

Paul Mahon

Meny. Thanks,

Operator

Financial. Please Bank question go of next comes National Our ahead. from Gabriel Dechaine

GabrielDechaine

Good afternoon. in under that numbers, you. a XX? way yield XXX-some-odd I'm yield I like number but typical that million, fun would ask know enhancement look to What to the enhancement, layman going for figure but this IFRS isn't layman's are

Paul Mahon

That, Gabriel, is one that I on will definitely to pass Garry.

the Garry I depend I'll bit and provide a but think A lot it complex. will context. more let nature you with it's some geography on of

Garry MacNicholas

is, XX will to you'll short as know the we'll that, don't And use So, depending it different like. down get up, speak, on reason our have approaches IFRS portfolios. discounting or across of it's bottom top type different I and Gabriel, I what answer approach your -- the the is various you treatment a say exactly this that liabilities, look

So, level, at way see see impact called the we be discount happen high yield the we but any rate. the asset through the same impact. to would but your I a expect wouldn't of It see type reduce. enhancement That won't would just -- will trading flow to it we'll think expect by

you'll of So, see that will typical a numbers. in number be these between somewhere type

in range. You're our right; of this is typical sort

helps. to two. away see diminish between in something we're the It completely because certainly way but won't portfolios liabilities. Hopefully, some in discount go that likely will going You'd it the

Gabriel Dechaine

between what? the in now ways? something Well, like and between two in And

Garry MacNicholas

reduce. we zero I'd where just doesn't say are It and away today. will it completely go but in between

Paul Mahon

trajectory our other group sort -- our business. of management the now, seeing the strong wealth you're is lot our make where very and at growth is right and you Gabriel, retirement if our point obviously, a growth business I'd look of in our of

historically shift to in businesses seeing So, enhancement hasn't our we're where mix featured. a yield

impacted. obviously, no sort so change change And would on there be quote that unquote there's of

construct we're So, enhancement that high seeing as Management feature as of be -- and yield our strongly. Empower typically Wealth business not would as the businesses, a in shifts growth into

Gabriel Dechaine

coverage claim more as and to past. may wondering lot on business, a and percolating taken medical action that three, broadly, in rates then side, And a looking businesses of duration the we affect that of incidence competitive should other the and The to come there are stuff issues terms care. today of happening the in buy the or more are on yeah, And actions aware business. particular talent? the probably which the extend and buy, view outlook those or group up any mean you've of for of that in the outlook or lay incidence the of headwind of reprice land cost of are lot it's the claim that duration and pre-dated cost and there's look question be care have you we year of just I'm claim that how full here? rates, towards book kind COVID or medical in the coverage business of that I society in

Paul Mahon

we said then asking Gab I as technically the two would you business downside asked more -- like. claims of you've and upside you're do there's termination So we I why I the right there. sort see, rates think it and there. incidence claims, think questions say is about sort like of What and about and and the

retirement, a and the especially benefits actually the about the and Let or views And into health think talent of having security. people's benefits competition you high when security for it group group group about our at extends me beyond financial on importance high-quality for talk level talk business. I

-- that is we a is business why think for is of a fundamentally, critically So part important us. very attractive this

lot businesses these traditionally phone are we the take a the of we the member where power of value Then means. the in personal about of those as client broader those millions digital of our that look meetings moving or lot of lens you take the over actually face-to-face the and saving And retirement, the a people fundamental, things So, relationships, you solutions of advice those relationships the capital a or go that through power actually like wanting a if or via have in businesses digital. for relationships. were can in an Canada, say platform of of actual type through delivered are digital to And when planned have people think say, farther retail and I'd to client base customer terms we fundamentals fundamentals benefits. employee you the at building

it's I powerful. So, think very

people there. the sure from focused standpoint for competing us So, bar to I that will that talent. we're and goes making do be we we benefits that look at And think business think the for raising of

important I us. for think so, that's And really

it's underwriting to in sure and strong of to of at I very and of management, Canadian strength business applies our discipline to just book life about on And benefit Macoun provide in care for been talk the in discipline back It's care I and views And his just it's discipline context our and goes part, perspective level, pricing, the think the business. our through general on making ours. business claims performance But the like incidence our of company Jeff performance -- on of and group bit the now a really taking of our this in and The in been not has particular our Life and the actually, that we're taking the like. climate the side. let claims outlook going Jeff? perspective and U.K. second claims income I'm management, things I on period. business, the terms Irish really it on a goes that right mean, a I'll his think

Jeffrey Macoun

Paul. just with to I Paul's could, Gabriel. going Gab, I'm And build on points, Maybe Thanks, if to Gab. go

As story relatively the we ClaimSecure to in a market it to payer this Paul million on have or so the the would market. tell is brings and why lower Canadians third-party market in to Canada with the about X.X us Canadian talked addition members up our market third-party bullish across that we're for expansion our opens quite addition share admin

of lots growth us. there's so for there And

have number been in a in expect and onboard So, successful that growth of come already that cross-sell that. since tells has many to more. us large ClaimSecure there's opportunities And we've that I we say can

on the our this touched brings That for a of us We to it story. us So, million Canada, government tell was opening X.X of is Canadian. important lot room.

been the those between I The I'll we we've and record, point to other opportunities thing sort relationship Life of Canada the 'XX businesses is that comments that just on years. of entry a Canada really life is retirement Paul's for of reasons one this and significant. aggressively in has a had record very in And this market And disciplined the that's market as sales why between hallmark the and conclude. group health bullish quickly moved is group single business. Life, mean business management, we're quite on one the

business know adjustments We And we well. so in placed We a pricing from disability well manage well. this perspective, it before through. COVID

continue to We aggressively. that monitor

this really through rate the been so we adjustments as and margins go appropriate appropriate And the know have we to business through. get putting

Gabriel Dechaine

your the been simplify tied think mostly it there's us? I has do Is a and of And of we the ahead bit think that quarters. sustainable and morbidity neutral that to to trend to Or you year? past positive but that's the group the just have rest over few XXXX for --

Jeffrey Macoun

that good have This Well, I we Canada about it good mortality, 'XX. I morbidity year the would to is -- you're might Gab, through very year a and enjoyed add. takes business Life at in right, get pricing. -- enjoyed We a a

so put in we did that through 'XX. And pricing adjustments

So, 'XX. enter good we're provide through safety into a move should that fully loaded as we and 'XX we as

Paul Mahon

I okay on yield -- are back that to to the one? enhancement Because you wanted Gab, I can point. come

point change just What business. just Just the we're economics note, fine talking want yield you incidence I the a When on in enhancement, the no to there's about and a -- when the the talking we're of put it. occur. one Garry, sent is think about of about of me points earnings

yield to have spread some is out rather the broader what you life of contract. over in enhancement, that that front-ending the or So, see of would front-ending the you're than going terms

It's as question to yield drive a drive creation either steps and stronger think of value the just there. all incidence. returns, we enhance to to stronger So, taking pricing about or it's

there. that diminution creation; don't the I value of go to want a So, you away is thinking there value is

Gabriel Dechaine

of the process. Thank Appreciate all part you. just answers. aligning the It's

Operator

go MacKinnon Our BMO from of Tom Capital. Please ahead. next question comes

TomMacKinnon

thanks a maybe Slide Garry, few afternoon. much. Yes, Good if mentioned we kind go in to of items favorable there. tax very there's XX,

one those And Risk with Putnam can and I maybe If in Capital Solutions they are much follow-up. you highlight and Europe and of a what how and have each were? then

Paul Mahon

one-on-one can a tax Tom, -- get start you into can if lot a want we'll Suffice range let it into a to but a that to to detail. some XX% detail through go outlined to tax it Garry and that ago. you X%-ish off. to year certainly get just might this me take And probably it worthwhile Garry be in of quarter, as compared a rate, say, of

rate the items and U.S. there's our is the you'll see because is. a normalized number continue as We is that of rate a low-teens likely growth, time of actually over tax one-time rate. what we where higher view there's rate noted, of growing normalized to have So, in that, lot a kind that jurisdiction slightly do

look probably we sort that our now, So still low-teens right of Garry? a is tax a provide lift But view details. of of can little bit where right around of confident as the a are context we're quite rate bit Garry we at forward. now, little

Garry MacNicholas

parts can imagine. can further of as as high think to, But to there's be. you go Paul need and said, a lot offline into details at as moving I Tom level, we the a year-end tax

just Risk probably of in like probably ones actually, the the Capital was is for million section sort XX Europe XX there's say, you in those and and U.S., around What the the at that amount Lifeco ballparking of offset. for it but There overall million XX the call out negative level. picked And overall ballpark it the we're an of in corporate a million Putnam terms was in calling Solutions for each up, over In think, items for, for saw there. I probably range.

year small higher rate slightly the very net a So, a think was Canada, other than last the I think, which tax is in and going actually year. They this small way. I the U.S. had

of probably if tax and anything, Canada, bids it's XXX Europe pressure and the the out on bit bit the in U.S. XX and million I'd then reinsurance million there's So, little call but overall in geography a rate. of a

gives you that So, a high level.

Tom MacKinnon

the went up X%. you assets quarter-over-quarter, Empower, look Now

base up, are participants down think the quarter-over-quarter. I the -- earnings earnings yet XX% were

quarter the be a not about more third or us sure be to related mentioned contributing of of what to fourth expenses. Help seasonality some it how something other that. the sure at But not understand that. I'm looking run things Should rate. were we quarter? You I'm the should

Paul Mahon

context So Tom, I'll little of let the then and and start off items. Garry one-time a provide around I'll there seasonality bit

benefits are quite coming into seen come mode. lumpiness has growth customer launched and organic been as this, on-stream typically had benefits on-stream of things on in different. quarter there's Empower obviously, the in also mailings we MassMutual bit early the So, that the like seasonality and a of fourth strong like year but has We the the some

of second more way So, the those a think results the trajectory quarter about little we provide we third the and business, let of color look I'll the reality but sort indicative as is the there. Garry? more Garry at are of results

Garry MacNicholas

went Paul, was. you where Actually, I

results second and that's what got Yes, If one-time you at and XX third and probably seasonality you've some mentioned of in the there. pretty that's, you consistent were items the the Paul you they is a in to quarter, people. the that there look to million close run rate see it expenses and

that And MassMutual major the a we got and year-end. commissions. frankly, certain or comp true-ups you've our seen change. adds year-end of of large course, a when of participant at fees lot for And costs, do has a all on variable you've some then were Empower packages, fantastic lot accounting There and were or contract year, technology got as some You've true-ups year. on had one-time fee and some such break a penalties print There postage up base.

would well. recruit for something we So, as that

those, appendix, grew can was you to year. of I the think the how it see do those rest running how compared expenses. And expenses So, it the if you in quarter-over-quarter at have look you the

particular. idea So, that in gives of you this quarter some

Tom MacKinnon

your sounds of quarter. to number. seasonality the fourth the are of real just it Is fair So, higher it's say? just in that more It's like a expenses

Garry MacNicholas

changes wouldn't less a was that's contract We or the function and items. transaction. these on of first drops, That year the accounting some seasonality. costs software that necessarily have one-time the being MassMutual Yes major of

Tom MacKinnon

be is, of about your it mentioned you one don't one-time? of thinking Or slides. forward? of think think should more it's but one-time? going last that those experience it I other on the Page remember a what we CADXX Is I million is And I a more XX was gains. in how maybe things

Garry MacNicholas

a Paul, one-time. -- if are typically mind, I'll would one. typically just and that you be don't just collection Yes, Those they take

is regularly it, of of bit. also odds a Some of ones were just that net that have around them wide are really to Notable or a ends These fluctuates enough it enough and with but collection might earn. interest. behave positive you don't a

number. individual So, it's but one, plus as other In I but would be smaller each typically tend be to those a one-time. minus variety could think there of actual or the a could

Tom MacKinnon

And to just plan Is income? sorry, squeeze there last one just one. ASO is quick any you strictly is The Or that plan? that an capital fee government Like up. relief picked for that?

Paul Mahon

That one the Jeff, plan? is describe nature to Jeff. want you to of do that

Jeffrey Macoun

contract XX-year XXXX. fees July a and with a We approximately, basis, ASO it's or on It's I to fee cut fees. that CADXX think something X, close on billion CADXX billion

Tom MacKinnon

additional think would Is with you you be what can the way tell there us any this? fees associated

Paul Mahon

Tom, I make us business working it on-stream. through to bring going going I do it through a -- when like digitization. obviously to with sure it we're long we to this, to to early that would the the over this we're economically early In for piece hard -- going, you of that. got But we mean, you do add days think be it's term. working automation, be attractive period be increased

will then potential that day, have view So something more automate. the the growing at but the of we as end that we potential

Jeffrey Macoun

Paul. be Yes, that would fair,

Tom MacKinnon

win a you bid? that that? did competitive How Was

Paul Mahon

about Tom, participated there's tell to don't a large client But the of -- would of things that? one the have tell the about that way measures. and can we you clearly, you thought competition. you that in sort key like others that two we why go cannot about. We describe we can't are important into Jeff,

is But the anything going suffice the be really into that. right? get we Jeff, is really can't, critical, that. day, we on end to disclose So So, say, there shouldn't details you the of service of at could that to it

Jeffrey Macoun

It's point too and far think getting there think wouldn't much don't to public And successful. our the of this the a win recognition to new details more I into feel horsepower, marketplace. but picking to brand in delighted and lots give very to a technology the I go just strategies of brand we want lots us recognition at course, were going bid us or bid, was allow up comfortable enhancements of accounts we was some I employ and public it whether plan. of would broadly,

Tom MacKinnon

on plan. And time. winning Congrats taking that for my thanks

Jeffrey Macoun

you, Thank Tom.

Paul Mahon

Tom. Thanks,

Operator

Our go ahead. Desjardins Capital next Young from Please of Doug question comes Markets.

DougYoung

afternoon. good Hi,

hopefully, few, a follow-up questions Just here.

about was decline wrong? million that your catch the the MassMutual, earnings right, that contribution, one-time that I the was the and On in impact. prepared Garry, talked $XX Did remarks you in is that I or sequential

Paul Mahon

that Garry, you to go could one.

Garry MacNicholas

items That the $XX the million I most was about were that's of one-time out worth just and calling sequential decline. seasonal

Doug Young

the that the That's fees And that's seasonal? tech of you like breaking what or… is --

Garry MacNicholas

I say, seasonal two why in one-time sort of That's categories. and

You get quarter. and some just then were in same seasonality there some QX one-time in items the

Doug Young

you Can item? one-time quantify the What's that?

Paul Mahon

Doug. Why don't I,

the break is very, in like fees third think on One-time So, seasonal that typical our working we're in had is incentive in business repeat outlined -- to then in phases we on year. a with evolve. future things quarters Garry a things will continue growth that success And that that. the factor very contract this on compensation the because would initial I be and that Empower would MassMutual and or is another we're truing-up strong

back results annual forth true-ups overall some on had on -- MassMutual. and some annual between we that the of So, are sort fees

in So, those nature. things all of are one-time

Doug Young

wondering I that. how what that one-time. Just -- the of -- just and $XX much million dollar get like was I'm

contribution that? So, the to kind triangulate excluding what was back of if I can

Paul Mahon

Garry, do you have that?

Garry MacNicholas

it's broadly little about one head, -- amounts it's half of those the on of I'd half. no, and the of and say probably a maybe top half broadly, half -- off more

Doug Young

quantify doesn't precise. this could was And But haven't from reinsurance you as related and curious just I it then probably quantify -- can wondering, impact side. And exactly It to quantify it, I I'm maybe business maybe to you COVID have in that. Arshil's the seen know have quarter? more be you just what if the is

Paul Mahon

impact. high when from But seen mortality We've sales you be real thinking results. COVID and talk we level, broad mortality. negative about positive and there's a as would recovery So start about -- economies life and areas context bit in then the mortality Solutions of new think about of the for because Doug, this, mandate, I two where a our in business. high exists pass off Garry maybe also not to you'd on and some at grow And COVID, when guess, it's if it's at I'll that Arshil's about a a commercial of you and I'll sort think business. Capital perhaps all And level let Arshil Garry? that over the Risk be

Garry MacNicholas

The the net a was level, our mean the in And regular do the to and negative. detail we disability, to of reason not, is very we the vast the those our in it's think what's I there out on the -- that -- sum all my show additional dental the I small they're it fluctuations what's morbidity, together. in on where comment gains the Slide And be I have all XX, longevity, there at is attributed call say we I these slides, of difficult highest the mean, would and exactly of there out think We've rolls COVID-related, mortality, like health experience what's majority very I basically, COVID. offsetting. fluctuation. call of

see comes reinsurance, our segments. in services it of healthcare certain some of some in of the various we might extra of it obviously, some in down in see mortality can can the to favorable from -- morbidity utilization life And less the you You it U.S. see claims [indiscernible].

which but it, life not them out sense in higher exactly is but side. to COVID and the balancing tough basically we're our all look is we it across at know that So, it is was when

to the other it the -- the in side I probably was to think on and give offsetting XX just areas. million a in mortality XX million million then life XX ballpark, of pretax impact

So, you an idea. that bit a of gives

Doug Young

a And it sales. of I then strong growth expected have contributor. what Europe CRS? was bit sounds the wouldn't growth FX But else be and better And fairly expected growth lower terms lastly, Europe I'm like profit thinking not and would CRS in in has terms of in was seeing of something technically profit than in a methodically expected. that maybe just Is been there why we just of

Paul Mahon

take Garry, I'll let you that one.

Garry MacNicholas

as large the think the in through obviously, euro on down they of growth. very side. X% longevity was euros. were did go good year-over-year. were transactions the I number we I period No, a those a of mentioned And And during And comments,

as we those contracts didn't -- come down. that certainly off There I So expected lot weren't this. business those in -- longevity you many then just could And transactions. of comment more that have new obviously XXXX. are profits on mean a many

I think the pipeline done. is were strong deals XXXX less but there to coming

we weren't the does in of a business, So, big much -- of annuity every book That's it. didn't replenish nature run year. XXXX. We business longevity It runs out off. really

your have a But still, of again, So, up the a it bit that profit. went would on impact notwithstanding FX. dampening expected

in steady reinsurance. is I good So, growth think it

Doug Young

you Europe Have basis? helpful? be CRS if did, handy, and you you I currency I catch it it a profit that have didn't If expected would but constant given apologize on growth

Garry MacNicholas

don't I could if that helps. we actually it follow-up, have a handy but do

Doug Young

you Thank Okay. It much. I it. Thank you. would. very appreciate

Paul Mahon

Thanks, Doug.

Operator

Holden Paul ahead. of from go comes CIBC. question next Please Our

PaulHolden

Good A questions Thanks. you. few for afternoon.

Empower the that to related First, that pricing competitive fairly been years, market. environment and it's over market. We in the know competitive a

prices stable all as way? settled place, a Empower that consolidation consolidator, as with become all, taken wondering including down has more at than another that's Just the

Paul Mahon

Paul. Ed question, one that can Good speak definitely it. That's to

Edmund Murphy

very I'd say competitive. price market remains the

a business us have infrastructure a grow that as able premium of continuing we others net can been rate market to our in proposition. in have obviously, we're the growth. to the and Xx However, and participant invested the continue by command market as Xx to lot like the such, to firms organically at -- value measured and you have and the and And

that less provider like the So, a I providing. I yet capture definitely service off the the market. don't to us, very position in we're And for per us know and a economics but a there's puts for if think choice value se the good it's premier it in leveling

Paul Holden

Second question is related to Canada individual sales. insurance

year-over-year also much higher. they up but that rates were I results, reported growth if the look their at competitors So, were X% two

on you So, related have maybe distribution you if just differences growth is side think differential any going or anything in product there? color mix to that explain the wondering if might [indiscernible]? the in there's Do

Paul Mahon

we're where market to the fully giving of it always and sure really making discipline product that very customer Paul, pass win-win-win. we're But got because about focused participating but because that good base in be them and on Win the that for we've to. balancing, it's broadening products we're force also areas for products parts it's strong the to to much committed in I'm because the going unquote for to strong Jeff. outcomes, the going the us suffice sales good customer one to say, good trying good achieve sales we're quote economic growth,

we that year, color and rate. Jeff? to more with So, behind we actually on plan the was our as we executed relative our bit were what results look at little the growth as of plan provide happy Jeff can a

Jeffrey Macoun

an on in I upon we the this quarter We Canada did us you So, business specifically, on a as the out. overall exceptional insurance mean at was year good long for 'XX look and it's X%. call called Life life out and term. sales

nice strike want the really to discipline, balance we price selection, share, So, a between risk volume. market sales

on year our quarter, other some insurance. products basis. to strong year so at on flagship look basis action in longer-term did We And I participating a in our we in a in a and take mean, in of this had product pricing life

were long side, looking growth actions, in higher I in took strong. strong and I the had our our we're which think, say side We UL sales X% the channels. would that were for on we pricing this in of some and year-over-year term. We term 'XX than growth with So, line. reach on in the distribution par is and our pleased all

Paul Holden

And then for related rate capital one last me switch. the interest question to and scenario

the to one So, each you're can disclosed, to you going five capital And add quarters? suggest close point generation. add roughly to then another point regular have from would organic of my you one next LICAT in estimates

to done? it LICAT case X.X with additional capital the next about again? years. that? of gained to that cushion you acquisitions thinking about about flexibility you've interest Sort over on added you XX you again, do flexibility? keep you just the rate have So, Like the do other get think as being because in How a what let's delevering on aggressive the direction priorities call -- points you're the thoughts scenario switch you've now? broad more think Do goes Just how capital that are

Paul Mahon

that with start I'll off one, Paul.

is and sure Those we So, say you're foremost, would correct. us. call the I I'd build we'll the deleveraging more for priority strengthening. firepower, them -- think And up a capital I'd for that say be as first

think think I of and on deleveraging we flexibility next freedom lot steps gives growth. about a us as

our more actually When of steps number not one. or taken, concerned number That's kind solid. get switch. that's less aggressive, one we that we've The about a mind. in think, we're aggressive we scenario So, are pretty

to So, a in an strength, used effective we'll capital source that be way. of as ultimately look at

said, first opportunity got. about that's mindset we've I foremost, and But that, after deleveraging. and the it's As

Paul Holden

Thank you. me. for That's That's it helpful.

Operator

Research. question of comes D'Souza go Nigel Investment ahead. next Veritas Our from Please

NigelD'Souza

higher Can you afternoon. an color should interest even the likely, over which it Good Should if XX increase. we I for fact, what actually be could switch? interpret X it you. parallel actually the basis drive interest on rising capital give we months? points LICAT rates is that rate follow-up percentage scenario rate that And sensitivity question Thank interpret just as to a the I us had from offsetting? as, some the isn't benefit just in would yields What points scenario, long-term hypothetically think LICAT. on a coming

Paul Mahon

that that numbers got geography Garry? of let to make sure the just right, one, I'll answer we've Garry there, the

Garry MacNicholas

from a if And the that. -- see materials, you'd our correctly indeed you've got put that that we've -- reading that's the see -- rising interest a do You're sensitivity points the X you so yes, rise. rising environment, XX actually in I the where think that's bp

And growth the to us retained in very to I think down for that. getting on seem contains. in you switch, quarter every earnings ALM of I In changing the a the be industry -- moment has will protection terms we they planning see rapidly but going would expect there some changes that's rates headwind not we're interest certainly, scenario our regular don't to of rates certainly approach scenario our -- just up fairly give when that what obviously, rates of likely. were point decline it and take a the whole natural sharp approach, the ALM don't against at That's bit said, picking rising. would it being a switch a combination obviously and are take like And addition our

Nigel D'Souza

impact all? this And XX Does IFRS dynamic clarification. quick at

Paul Mahon

Garry too.

Garry MacNicholas

the obviously, XX. the at indicated terms In of just looking OSFI both and is consequences there's IFRS to and the terms but of ourselves neutral regime to first unintended they there's potential OSFI of and part and move capital on are looking also sure in working of XX, have to -- well. the say level IFRS that thing are no transition industry the make active I'd with obviously industry is -- on keep as that the volatility this,

finalize So, that. where impacts the tied XX a OSFI IFRS on looking obviously, be keep to will in But transition. I neutral there's nothing directly end it. as certainly, depending OSFI IFRS to It's really think XX

wouldn't So, the that foresee narrative. I I changing don't earlier --

Nigel D'Souza

actions any how I was up on but enhance And yield it? to this there the apologies if you missed Any or on color in color took pick achieve specific Canada? you

Paul Mahon

Garry, over to you.

Garry MacNicholas

actuarial -- release -- or is in have there's equity in This is good would basis, gone do of into. one out what are called of I have it But use And the a alternative investments source our think notes variety I long used I'll mortgages Paul a it assumptions a we've certain we on that assets. number, the duration. we liabilities. speaking we They mean ones the modest swap have might call of in a reinvestment have I our good

alternative they and come liabilities at with spreads an very attractive asset backing So, effective class. longer-duration they're as

and swap there's from as well. -- sterling benefits liabilities, back Canadian when or them to we into Canadian there So

been some us the to those very I'd enhancement. for a big picked That's -- been It's where what's of So, out. have the that's the we've contributors effective one one up trait Canadian yield call probably value.

Nigel D'Souza

sense. that me. for you. That's Okay, makes it Thank

Paul Mahon

Nigel. Thanks,

Operator

RBC Capital from comes question next Darko Please Mihelic Our go Markets. of ahead.

DarkoMihelic

back I to a to for thank want you take Hi, surplus just you. earnings in moment.

understand what normalized better would more this of Just to And a want think looking level for a I'm to be. that quarter. make is the way ultimately, what sure impact hit I

think I there CADXX was you impact. a said million

I And for or you I can I mean you checking run you of is what there -- notes, scribble. what can walk me in breakdown see a sometimes I way talk for just like looking it got rate losses? behind just help any we how XX% generally worse do the math capital surplus? it caused we than normal was called the of be me negative else, think would my through about way, more earnings quarter. maybe go what last the to I'm sort Either

Paul Mahon

consolidation. And of out that last I'll Garry, talking that. offset in I'll some the let the the about with you start to take -- obviously,

you, So, over Garry. to

Garry MacNicholas

kindly regime. depending and That's out seed It's we capital, I'll the we certain consolidate the This on the the have then -- we it I'll it own in accounting fund, call entire have it where, making. again. a where percentage fund cork our funds of depending -- call to of is in -- on back our not

some seed had we So, capital losses.

all then is a non-controlling comes Our that -- were mark-to-market people out majority the other the but for various share that we million rather the funds just in interest. realized and vast the keep mark-to-market, represented involved. gain system CADXX losses is other in than obviously, It

So, CADXX that's million, you're right.

into of for in but minus number. Prudential costs goes seed and are in what surplus acquisition year it the And that since the -- the would capital what because XX%. capital have largest financing. to really the obviously, would goes remembered things mark-to-market risen there are overall Otherwise, we've addition prefunded the have You us financing last been some a

just through in you had other or we've got So, -- assets also going crystalize -- to time when you would We the And invested other costs. in here comprehensive acquisition have time gains then got surplus. from some that higher amounts crystallize We we this -- surplus, in by trading have very past. gains you so past. of had had the the about the year. We've unrealized income, in you in assets little talked

falling, you those those income. the through on come XXXX. at, are look occurs look basically certainly, mark-to-market rates we'd have they or you that of fixed And more getting when and as at full in had you think the that you end if can And year, gains gains you typically up realize I if harvest trade assets, interest P&L.

financing XXXX So, rate have rising costs of to feature that assets. compared the of your run them it's it's really income don't financing it because costs income but wasn't was the their then and yield of A there. XXXX. and in the a number various surplus in pretax on much rates rate run a But but

-- So, unusual them it's those have than overall, surplus those not are than often the income. larger are other larger to

unusual. numbers or So, something low that not is in very even negative

Darko Mihelic

just being has net enhancement. yield in I to lower make about I just correct heard you And wanted yield been. results the the to the talking follow-up than Gab's sure I you that that not to wanted on with were investment entire it question respect

I In what that you asset. fact, result mortgage, milder something on were -- you the should you an interpret be I investment was that yield the release current if than way equity referencing on like do net what net the impact the would Did said? hear is

Garry MacNicholas

But spread recognized recognize get less it We the time. excellent over portion new over later would evenly more way. right of a the an the is asset. That likely And value same and you'll on. now, be upfront more regime, then the

So, is correctly. interpreted -- you've it it

Darko Mihelic

system. going of it's the parallel thought what some investment be going guys your that some And it of I'm sort until of informing you power mind us at about not what's a plan as the that have you're with as I'm earnings I of to just release be What to respect running Or XX? major all some then things to then, or things kind information is all? release thinking releasing result, around a massive your that big these there's then us? transition? and held know follow-on like respect to -- QX on reveal. to you of anticipating you'll of information Or to get or that some with IFRS is

Paul Mahon

Garry, start to do there? you want

Garry MacNicholas

Sure. Yes.

running actual kind I XXXX we of a yet. think number terms we've -- will kicked -- comparative be had get but as of internally the about conversations we that of off obviously, during quite I in quarters haven't we parallel runs, mean hasn't closer,

we we look at, and give directional feel direct our as and So, at to -- areas closer we get start it's information whether can better policies broader. finalizing and least

we directional bang think I how big We think approach education pretty it I on us. people to a it don't see rather but do see than our having some dialogue, can and come dialogues year give exactly one-on-one through information good that. clarify apply a on the We once. have some on at disclosures that calls might all a that will and will out

right. you're So,

least -- so at not results although, will a here. an matter. aren't surprise to But obviously, planning once thing, We looking but give final we're all different that's big anyone published to the at

Darko Mihelic

just I'm balance transition of sort is And right? on impact into sheet. buckets The bucket grouping three concern, of first it

do you're you second third do The And [indiscernible] what is you until Which better earlier? to power. have the those talk if earnings of anything is and process? impact the think you about to LICAT think three buckets prepared on in wait anything

Paul Mahon

still work reality with on And They're to out is I will as this sure. industry an Darko, we're say, that the would for with LICAT how to interwoven relative interwoven. continuing play all volatility. OSFI they're

you locked those being of that. want the one others to before But describe perspective. provide down sort to of because So, it's as a might of Garry, hard different

Garry MacNicholas

out think back I is gets Paul. there's use service -- that income that coming people right, you're example the of think that the There's into transition, earnings. a into earnings aspect retained re-amortized some between certainly be and margin to as connection on contractual most I will there'd No, definitely the also feed it

you're business an And it, the OSFI agencies I changing. rating ourselves just definitely they're well-handled. we back economics If it's So, make transition. with industry from right, but which working it's mentioned and earlier working the to connected. aren't accounting the not sure of stand It's with only also the

get all and we the appropriately And sure right lands make so -- can it we need various education, by that the we that. stakeholders in assist to that we think and

Darko Mihelic

Well, that. great. Appreciate that's Thank you.

Paul Mahon

Great.

Operator

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

Paul Mahon

we healthy meeting. and really and our with and great interest connecting always, early a all Ariel. in look again, you and we quarter. reporting from our for Well, wish your May first questions to actually appreciate you, QX you your time And your we there, annual forward Thank as and

Operator

This concludes today's conference call.

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

Great-West Lifeco (GWLIF) 11 Feb 222021 Q4 Earnings call transcript