Great-West Lifeco Inc. says that its shareholders have approved a subdivision of the company’s common shares on a two-for-one basis. Articles of amendment to effect the subdivision will be filed later today.

It is expected that the common shares, which are listed on the Toronto Stock Exchange, will commence trading on a post-split basis on October 6. The subdivision will increase the number of common shares currently outstanding from 445,449,257 to 890,898,514 shares.

Following the announcement, Great-West shares dropped 15¢ to $51.45.

Great-West Lifeco has operations in Canada and internationally through The Great-West Life Assurance Co., London Life Insurance Co, and The Canada Life Assurance Co., and in the United States through Great-West Life & Annuity Insurance Co. and The Canada Life Assurance Co.