| |
| Total
Company (Dollars in Millions) |
2008* |
2007 |
| Net
Income |
$1,098.3 |
$418.7 |
| Stockholders’
Equity |
609.1 |
2,035.1 |
| Return on
Common Equity |
34.3% |
20.6% |
| Assets |
$36,175.6 |
$40,334.5 |
| Employees |
3,000 |
6,600 |
 |
| *Net income for 2008 includes the gain on the sale of the Healthcare segment and a one-time gain upon the release of certain reinsurance reserves, collectively in the amount of $889.3 million. Return on common equity excludes those gains.
|
| Business Segments (Dollars in Millions) |
2008 |
2007 |
| Great-West Retirement Services |
| Recordkeeping Accounts |
3.7 million |
3.5 million |
| Assets Administered |
$91,932.4 |
$115,587.3 |
| |
| Individual Markets |
| Life Insurance Sales Premium |
$723.4 |
$535.2 |
| Assets Administered |
$18,769.3 |
$17,556.0 |
|
| GWRS numbers shown reflect all customers: those of FASCore institutional partners, TPA clients and GWRS. Individual Markets numbers shown reflect participating and non-participating policies. All figures as of Dec. 31. |
 |
|
Financial Statement Summary |
| Balance Sheet (Dollars in Millions) |
2008 |
20072 |
| Assets
|
| Bonds |
|
13,574.3 |
| Mortgages |
|
1,200.0 |
| Equities |
|
29.6 |
| Policy loans |
3,979.1 |
3,767.9 |
| Short-term investments |
366.4 |
472.6 |
| Other investments |
325.9 |
338.3 |
| Total invested assets |
18,081.7 |
19,382.7 |
| Cash |
28.4 |
54.8 |
| Receivables |
742.4 |
682.4 |
| Assets of discontinued operations1 |
124.1 |
724.8 |
| Other assets |
2,077.1 |
1,399.8 |
| Total General Account |
21,053.7 |
22,244.5 |
| Separate Account assets |
15,121.9 |
18,090.0 |
| Total assets |
36,175.6 |
40,334.5 |
| |
| Liabilities
|
| Policyholder |
18,788.6 |
18,229.4 |
| General |
1,531.9 |
1,511.5 |
| Liabilities of discontinued operations1 |
124.1 |
468.5 |
| Separate Account |
15,121.9 |
18,090.0 |
| Total liabilities |
35,566.5 |
38,299.4 |
| Stockholders' equity |
609.1 |
2,035.1 |
| Total liabilities and equity |
36,175.6 |
40,334.5 |
|
| Statement of Income (Dollars in Millions) |
2008 |
2007 |
| Revenues
|
| Premiums |
|
(857.3) |
| Fee income |
429.2 |
463.3 |
| Net investment income |
1,078.5 |
1,139.5 |
| Net realized gains (losses) |
(21.7) |
(2.0) |
| Total revenues |
2,011.1 |
743.5 |
| |
| Benefits and Expenses
|
| Policy benefits |
605.1 |
624.4 |
| Increase (decrease) in reserves |
(38.4) |
(1,460.5) |
| Interest paid or credited to contractholders |
515.4 |
497.4 |
Provision for policyholders' share of earnings (loss)
on participating business |
(206.4)
 |
20.3
|
| Policyholder dividends |
71.8 |
93.5 |
| Operating expenses |
522.3 |
609.7 |
| Total benefits and expenses |
1,469.8 |
384.8 |
| Income from continuing operations before income taxes |
541.3
|
358.7
|
| Income tax expense |
95.8 |
118.8 |
| Income from continuing operations |
445.5 |
239.9 |
| Income from discontinued operations1 |
652.8 |
178.8 |
| Net income3 |
1,098.3 |
418.7 |
|
1 On April 1, 2008, Great-West completed the sale of its healthcare division. The financial information presented here reflects the discontinuation of the healthcare business.
2 The 2007 balance sheet has been restated as a result of an adjustment to deferred income taxes.
3 Includes the gain on the sale of the Healthcare segment and a one-time gain upon the release of certain reinsurance reserves, collectively in the amount of $889.3 million, in 2008. |
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