Great-West Lifeco to take $75m hit due to Japan disasters
Great-West Lifeco (TSE:GWO) said Thursday that it expects to take a C$75 million after-tax hit in the first quarter due primarily to the recent earthquake and tsunami in Japan.
The Winnipeg-based company, with operations in Canada, the US, Europe and Asia, said the loss is primarily related to claims on property catastrophe coverage sold to property and casualty reinsurers by London Reinsurance Group, a subsidiary of Great-West.
Today, yet another earthquake hit Japan less than a month after the worst on record in the country, sending US stocks down and gold prices to record highs.
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