WINNIPEG, Dec. 13 /CNW-PRN/ - The Great-West Life Assurance Company
("GWL") announced today that the consolidation of the GWL common shares on the
basis of one consolidated GWL common share for each 5,000 pre-consolidated GWL
common shares became effective today upon the written approval of the
consolidation today by the Superintendent of Financial Institutions.
As a result of the consolidation becoming effective, Great-West Lifeco
Inc. holds all outstanding GWL common shares. As announced previously, GWL
will effect a stock dividend on December 14, 1999 payable to Great-West Lifeco
Inc., the sole registered holder of GWL common shares on such date, such that
the number of GWL common shares outstanding following the stock dividend will
be 2,378,666, the same number of GWL common shares outstanding immediately
before the consolidation became effective.
The Great-West Life Assurance Company serves the financial security needs
of more than 13 million people through its Canadian operations and London
Insurance Group Inc. in Canada, and through Great-West Life & Annuity
Insurance Company in the United States. Great-West Lifeco Inc. is a financial
services holding company with interests in the life insurance, health
insurance, retirement savings, specialty reinsurance and general insurance
businesses, primarily in Canada and the United States.
SOURCE Great-West Life Assurance Company