Great-West Lifeco Q1 2009 Earnings

Scotia Capital, 8 May 2009• EPS of $0.35, below our $0.45 estimate and consensus of $0.45, due to higher-than-expected credit hit of $0.17 (virtually all U.K. hybrid related) versus our $0.03 estimate.Implications• The U.K. hybrid hit was entirely due to an increase in actuarial provisions for default related to recent rating agency downgrades. The MV of these fell in the quarter (to $660 million