Dominion Bond Rating Service has confirmed its ratings of the Great-West Life Assurance Co.

In a release, the rating agency noted that Great-West has successfully completed the integration of The Canada Life Assurance Co. “The conversion of the Canada Life Group Retirement Services business was complete in May 2005 and, overall, total expense reductions have exceeded expectations,” it said.

DBRS said that Great-West’s financial strength measures have been steadily improving. And, it noted that the company has established strong niche positions in several international markets, including the UK. “Good results were reported in the European division in the first half of 2005, with net income increasing by 32%, and opportunities exist for future growth,” it said.

“In Canada, the mature insurance market has led to more challenging market conditions in some product areas, such as term insurance, and it is uncertain if the recent dominance of the market by the “big three” industry players will indeed lead, as initially expected, to rational product pricing,” DBRS noted.

“Great-West is well-positioned in group insurance in Canada, and also has strong distribution power in individual insurance and investment products using the London Life Insurance Company and Canada Life channels, in addition to its own,” the ratings agency concluded.