By Adriano Marchese


Great-West Lifeco Inc. said Tuesday that it has received approval from the Toronto Stock Exchange to renew a one-year share-buyback program.

The Canadian insurance-centered financial holding company said that under a renewed normal course issuer bid, the company may purchase up to 20 million common shares for cancellation, which represents about 2.15% of its issued and outstanding common shares.

At Monday's closing price of 38.19 Canadian dollars, the equivalent of US$30.22, the shares it intends to buy back would be worth about C$763.8 million.

The buyback program will begin Thursday and is intend to run for a maximum of one year.

The company had previously received approval from the TSX to purchase up to 20 million shares between Jan 27, 2021, and Jan. 26, 2022.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

01-25-22 0759ET