Great-West Lifeco Q4 2010 Earnings

Scotia Capital, 11 February 2011Event� GWO's Q4/10 reported EPS of C0.54 per share included non-operating items which, in total, added C$0.09 per share, resulting in adjusted EPS of C$0.45, below our estimate of C$0.48, and consensus of C$0.51. Results varied from strong (U.S.) to mixed (Canada) to weak (Europe).Implications� While we were not surprised by the asset impairment provision in Europe