Great-West Life Announces Consolidation Of GWL Common Shares

Dec 13, 1999, 00:00 ET from Great-West Life Assurance Company

    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