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