Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2017

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



	December 31,
	2017		2016
Reinsurance recoverable	$	515,417	$	522,950
Future policy benefits	1,513,311		1,608,884

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



	Year Ended December 31,
	2017			2016			2015
Premium income, net of related party premiums ceded of $20,033, $17,774, and $15,731	$	61,368		$	66,928		$	68,722
Life and other policy benefits, net of reinsurance recoveries of $10,313, $8,862, and $6,494	179,748			189,125			193,215
Decrease in future policy benefits	(70,654		)	(88,639		)	(52,842		)

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	2017		2016		2015		Financial statement line
Receives corporate support services	The Canada Life Assurance Company (“CLAC”)⁽¹⁾, Great-West Life⁽¹⁾, Great West Global⁽³⁾, and Putnam⁽²⁾	$	22,400	$	18,763	$	12,609	General insurance expense
Provides shareholder services	Putnam⁽²⁾	16,598		15,852		5,531		Fee income
Receives reimbursement from tax sharing indemnification related to state and local tax liabilities	Putnam⁽²⁾	9,611		12,261		13,563		Other revenue
Provides advisory, trustee, recordkeeping and administrative services	Great-West Funds and Collective Income Trusts ⁽⁴⁾	150,441		140,455		138,936		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, an open-end management investment company, which is an affiliate of GWL&A 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	2017		2016
GWL&A Financial	On account	On demand	$	52,646	$	45,190
Lifeco U.S.	On account	On demand	41,966		34,992
CLAC	On account	On demand	19,503		—
Other related party receivables	On account	On demand	18		1,813
Total			$	114,133	$	81,995

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	2017		2016
GWL&A Financial ⁽¹⁾	Surplus note	November 2034	$	194,532	$	194,502
GWL&A Financial ⁽²⁾	Surplus note	May 2046	333,400		333,400
GWL&A Financial ⁽³⁾	Surplus note	December 2027	12,000		—
GWL&A Financial	Note interest	May 2018	3,409		3,190
Other related party payables	On account	On demand	10,560		6,898
Total			$	553,901	$	537,990

⁽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 $194,532 and $194,502 at December 31, 2017, and 2016, 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.

⁽³⁾ A note payable to GWL&A Financial was issued as a surplus note on December 29, 2017, with a face amount and carrying amount of $12,000. The surplus note bears an interest rate of 3.5% per annum. The note matures on December 29, 2027.