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Winnipeg Free Press - ONLINE EDITION
Great-West Life sees boost in Q1 profits
Great-West Life profits were up for the first quarter of 2012. (KEN GIGLIOTTI / WINNIPEG FREE PRESS ARCHIVES) Photo Store
Winnipeg-based Great-West Lifeco Inc. boosted profits for the first quarter of the year to $451 million from $415 million last year.
Total assets under administration were $523 billion at March 31, 2012, up 4.2 per cent from December 31, 2011.
Canadian premiums and deposits for the three months ended March 31, 2012 were up slightly to $5.3 billion and net earnings were $242 million compared to $245 in the same period last year.
In the U.S. net earnings attributable to common shareholders for the first quarter of 2012 were $75 million compared to $88 million last year. U.S. sales for the quarter were $8.1 billion compared to $11 billion in 2011. Sales at GWL-owned Putnam Investments were $5.7 billion compared to $8.8 billion a year ago. Financial services sales in the U.S. were up $200 million to $2.4 billion.
Its European operations generated $141 million in net earnings compared to $86 million in the first quarter of 2011 when a $75-million earthquake catastrophe provision was included. Total sales in Europe were $0.8 billion compared to $1.1 billion in 2011 reflecting challenging current market conditions and economic uncertainty.
The company’s board approved a quarterly dividend of $0.3075 per share on the common
shares.
GWL shares were down five cents to $24.77 in trading this morning.
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