Great-West Lifeco Q2 2009 Earnings

TD Securities, 7 August 2009Impact � Neutral; Target Increases on Roll forward a QuarterEPS ex an unusual item was $0.47 vs. our $0.50 estimate and consensus of $0.49. On a normalized basis (see Exhibit 1) we derive EPS of $0.57 vs. our $0.58 estimate. The focus going into Q2/09 was twofold: (1) credit, which was slightly worse than we expected; and (2) Putnam, which had another challenging