Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2016

Included in the consolidated balance sheets are the following amounts related to reinsurance ceded to and assumed from related parties:



	December 31,
	2016		2015
Reinsurance recoverable	$	522,950	$	530,213
Future policy benefits	1,608,884		1,724,797

Included in the consolidated statements of income are the following related party amounts:



	Year Ended December 31,
	2016			2015			2014
Premium income, net of related party premiums ceded of $17,774, $15,731, and $13,901	$	66,928		$	68,722		$	71,453
Life and other policy benefits, net of reinsurance recoveries of $8,862, $6,494, and $4,594	189,125			193,215			209,102
Decrease in future policy benefits	(88,639		)	(52,842		)	(46,915		)

Schedule of revenue, expenses incurred and expense reimbursement from related parties for services provided

The following table presents revenue, expenses incurred and expense reimbursement from related parties for services provided and/or received pursuant to these service agreements. These amounts, in accordance with the terms of the contracts, are based upon market price, estimated costs incurred or resources expended as determined by number of policies, number of participants, certificates in-force, administered assets, or other similar drivers.



		Year Ended December 31,						Financial statement line
Description	Related party	2016		2015		2014		Financial statement line
Receives corporate support services	CLAC⁽¹⁾, Great-West Life⁽¹⁾, Great West Global⁽³⁾, and Putnam⁽²⁾	$	18,763	$	12,609	$	4,053	General insurance expense
Provides recordkeeping services	CLAC⁽¹⁾ and Putnam⁽²⁾	245		377		13,956		Fee income
Provides shareholder services	Putnam⁽²⁾	15,852		5,531		—		Fee income
Receives reimbursement from tax sharing indemnification related to state and local tax liabilities	Putnam⁽²⁾	12,261		13,563		7,506		Other revenue
Provides advisory, trustee, recordkeeping and administrative services	Great-West Funds, Inc. and Collective Income Trusts ⁽⁴⁾	140,455		138,936		126,726		Fee income

⁽¹⁾ An indirect wholly-owned subsidiary of Lifeco

⁽²⁾ A wholly-owned subsidiary of Lifeco U.S.

⁽³⁾ An indirect wholly-owned subsidiary of Lifeco U.S.

⁽⁴⁾Great-West Capital Management, LLC, a subsidiary of the Company, serves as a Registered Investment Advisor to Great-West Funds, Inc., an affiliated open-end management investment company, and to Great-West Trust Company, LLC, an affiliated trust company. Great-West Trust Company, LLC, serves as trustee to several collective investment trusts. The Company provides Great-West Funds, Inc. recordkeeping and administrative services to shareholders and account owners.

Schedule of amounts due from parent and affiliates

The following table summarizes amounts due from parent and affiliates:



			December 31,
Related party	Indebtedness	Due date	2016		2015
GWL&A Financial	On account	On demand	$	45,190	$	38,864
Lifeco U.S.	On account	On demand	34,992		11,783
Other related party receivables	On account	On demand	1,813		11,949
Total			$	81,995	$	62,596

Schedule of amounts due to parent and affiliates

The following table summarizes amounts due to parent and affiliates:



			December 31,
Related party	Indebtedness	Due date	2016		2015
GWL&A Financial ⁽¹⁾	Surplus note	November 2034	$	194,502	$	194,474
GWL&A Financial ⁽²⁾	Surplus note	May 2046	333,400		333,400
GWL&A Financial	Note interest	May 2017	3,190		4,701
Other related party payables	On account	On demand	6,898		7,735
Total			$	537,990	$	540,310

⁽¹⁾ A note payable to GWL&A Financial was issued as a surplus note on November 15, 2004, with a face amount of $195,000 and carrying amounts of $194,502 and $194,474 at December 31, 2016, and 2015, respectively. The surplus note bears interest at the rate of 6.675% per annum, payable in arrears each May and November. The note matures on November 15, 2034.

⁽²⁾ A note payable to GWL&A Financial was issued as a surplus note on May 19, 2006, with a face amount and carrying amount of $333,400. The surplus note bears an interest rate of 2.588% plus the then-current three-month London Interbank Offering Rate (“LIBOR”). The surplus note became redeemable by the Company at the principal amount plus any accrued and unpaid interest after May 16, 2016. The note matures on May 16, 2046.