11:50 AM EDT, 05/07/2024 (MT Newswires) -- S&P Global Ratings said Monday that it has affirmed the "AA" long-term issuer credit and financial strength ratings on the core insurance operating subsidiaries of Great-West Lifeco ( GWLIF ) following criteria revision.

The rating agency also affirmed the "A+" long-term issuer credit ratings on nonoperating holding companies Power Corp. of Canada ( PWCDF ) and Great-West Lifeco ( GWLIF ).

"The stable outlook reflects our expectation that the company will sustain its excellent competitive position with capital adequacy at least at the 99.95% confidence level per our capital model," the agency said.

The affirmation followed the announcement that Great-West Lifeco ( GWLIF ) entered into a long-term strategic partnership with Power Sustainable Manager, a subsidiary of Power Corp of Canada ( PWCDF ).

Great West Lifeco ( GWLIF ) has become a minority shareholder of less than 20% in Power Sustainable, a climate-focused investment manager, and will invest in certain funds across Power Sustainable's investment strategies. Power Corporation of Canada ( PWCDF ) remains the controlling shareholder of Power Sustainable following this transaction.

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