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Japan earthquake, tsunami adds to Great-West Lifeco’s $75 million Q1 hit
Great-West Lifeco Inc. said it expects to take a $75 million after-tax hit in the first quarter, due largely to the magnitude 9.0 earthquake and resulting tsunami in Japan.
“The financial impact is essentially related to claims on property catastrophe retrocession coverage sold to property and casualty reinsurers by London Reinsurance Group Inc., an indirect subsidiary of Great-West Lifeco,” the company said in a statement.
“Based on information currently available, the net financial loss to Great-West Lifeco shareholders related to all first quarter 2011 catastrophe activity is expected to be approximately CDN $75 million after-tax. The loss is primarily related to the recent earthquake and tsunami in Japan.”
