TSX:GWO

Readers are referred to the cautionary note regarding Forward-Looking
Information and Non-IFRS Financial Measures at the end of this release.
Not for distribution to U.S. newswire services or for dissemination in
the U.S.

WINNIPEG, July 5, 2013 /CNW/ – Great-West Lifeco Inc. announced today
that all conditions to its acquisition of Irish Life Group Limited have
been satisfied, other than the payment of the €1.3 billion
consideration. The acquisition is expected to be completed on July 10, 2013.

Great-West Lifeco has provided notice to Computershare Trust Company of
Canada, the subscription receipt agent in respect of Great-West
Lifeco’s outstanding subscription receipts, of the satisfaction of all
conditions to the release from escrow of the funds from the issuance of
the subscription receipts. Upon closing of the Irish Life Group
acquisition, each outstanding subscription receipt will automatically
be exchanged for one common share of Great-West Lifeco.

Great-West Lifeco Inc. (TSX:GWO) is an international financial services
holding company with interests in life insurance, health insurance,
retirement and investment services, asset management and reinsurance
businesses. Great-West Lifeco has operations in Canada, the United
States, Europe and Asia through Great-West Life, London Life, Canada
Life, Great-West Financial and Putnam Investments. Great-West Lifeco
and its companies have $582 billion* in assets under administration and
are members of the Power Financial Corporation group of companies.

* Assets as of March 31, 2013

Not for distribution to U.S. news wire services or dissemination in the
United States.

Cautionary Note Regarding Forward-Looking Information
This release contains some forward-looking statements about Great-West
Lifeco, including its business operations, strategy and expected
financial performance and condition. Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future events or conditions, or include words such as “expects”,
“anticipates”, “intends”, “plans”, “believes”, “estimates” and similar
expressions or negative versions thereof. In addition, any statement
that may be made concerning future financial performance (including
revenues, earnings or growth rates), ongoing business strategies or
prospects and possible future action by Great-West Lifeco, including
statements with respect to the expected benefits of acquisitions or
divestitures, are also forward-looking statements. Forward-looking
statements are based on expectations and projections about future
events that were current at the time of the statements and are
inherently subject to, among other things, risks, uncertainties and
assumptions about Great-West Lifeco, economic factors and the financial
services industry generally, including the insurance and mutual fund
industries.

Material factors or assumptions that were applied in formulating the
forward-looking information contained herein include the assumption
that the business and economic conditions affecting Great-West Lifeco’s
and Irish Life’s respective operations will continue substantially in
their current state, including, without limitations, with respect to
industry conditions, general levels of economic activity, market prices
for products provided, business competition, continuity and
availability of personnel and third party service providers, local and
international laws and regulations, foreign exchange rates and interest
rates, inflation, taxes, and that there will be no unplanned material
changes to Great-West Lifeco’s or Irish Life’s facilities, customer and
employee relations and credit arrangements. Forward-looking statements
are not guarantees of future performance, and actual events and results
could differ materially from those expressed or implied by
forward-looking statements due to, but not limited to, important
factors such as sales levels, premium income, fee income, expense
levels, mortality experience, morbidity experience, policy lapse rates,
taxes, general economic, political and market factors in North America
and internationally, interest and foreign exchange rates, global equity
and capital markets, business competition, technological change,
changes in government regulations, changes in accounting policies and
the effect of applying future accounting policy changes, unexpected
judicial or regulatory proceedings, catastrophic events, and Great-West
Lifeco’s ability to complete strategic transactions and integrate
acquisitions. The reader is cautioned that the foregoing list of
important factors is not exhaustive, and there may be other factors,
including factors set out under “Risk Management and Control Practices”
and “Summary of Critical Accounting Estimates” in Great-West Lifeco’s
2012 Annual Management’s Discussion and Analysis and any listed in
other filings with securities regulators, which are available for
review at www.sedar.com. The reader is also cautioned to consider these and other factors
carefully and to not place undue reliance on forward-looking
statements. Other than as specifically required by applicable law,
Great-West Lifeco does not intend to update any forward-looking
statements whether as a result of new information, future events or
otherwise.

SOURCE Great-West Lifeco Inc.