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GWL reports $523-million net earnings for third quarter

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Great-West Lifeco's earnings were up $5 million from the third quarter in 2012.

KEN GIGLIOTTI / WINNIPEG FREE PRESS ARCHIVES Enlarge Image

Great-West Lifeco's earnings were up $5 million from the third quarter in 2012. Photo Store

Great-West Lifeco Inc. was firing on cylinders in the third quarter ending Sept. 30, 2013.

The Winnipeg-based global insurance player reported net earnings of $523 million for the quarter compared to $518 million during the same quarter last year.

Excluding the contribution and related acquisition and restructuring costs of the Irish Life acquisition, Lifeco’s net earnings for the quarter were $542 million

Consolidated assets under administration at Sept. 30, 2013 were $705 billion, up $159 billion from Dec. 31, 2012 including $94 billion of assets related to Irish Life.

Total company premiums and deposits during the quarter were $19.7 billion, up 27 per cent from a year ago including $2.6 billion from Irish Life.

Total company sales in the third quarter of 2013 were up 41 per cent from the same period in 2012, including Canadian sales of $2.4 billion, up 14 per cent; Europe Insurance & Annuities sales of $3.3 billion, up 281 per cent (including a contribution of $2.4 billion from Irish Life); and U.S. mutual fund company, Putnam, had sales of $8.3 billion US, up 26 per cent.

Great-West Lifeco shares are up one cent to $32.38 at midday today.

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