Winnipeg Free Press - PRINT EDITION
Posted: 02/8/2013 1:00 AM | Comments: 0
Great-West Lifeco Inc., one of the main businesses within the Power group of companies and one of Canada's largest life insurance providers, says its fourth-quarter net income fell to $353 million.
That amounted to 37.2 cents per share on a diluted basis, down from 65.1 cents per share or $624 million in the comparable period of 2011.
Its operating income, a non-standard measure of profit watched by analysts, was $493 million or 52 cents per share -- down slightly from 52.8 cents per share or $500 million a year earlier but in line with analyst estimates.
The Winnipeg company is a publicly traded subsidiary of Montreal-based Power Financial Corp. and its parent Power Corporation of Canada, which also own control the Investors Group, Mackenzie and Putnam investment managers.
Canada accounted for more than half of Great-West's fourth-quarter profit. In the fourth quarter, the Canadian operations earned $263 million, up from $244 in the year-earlier period.
The U.S. operations saw a slight decrease in profit attributable to shareholders, dropping by $2 million to $77 million from $79 million -- all due to the Putnam part of its business, which offset an increase at the Great-West Financial unit.
In Europe, Great-West Life's net income attributable to common shareholders fell to $152 million, down from $181 million.
Lifeco Corporate posted a $139 million net loss, compared with $120 million in net earnings in the fourth quarter of 2011. The loss included $140 million of litigation provision in the fourth quarter of 2012 and $124 million of provision releases a year earlier.
Shares in Great-West were up 11 cents to $26.08 in afternoon trading Thursday.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition February 8, 2013 B7
Having problems with the form?Contact Us Directly
SEC poised to end $1 a share for some money funds
AP source: Thieves got into 1K StubHub accounts
GateHouse Media parent to buy Providence Journal
Government drafting birth control accommodation
Manufacturing rebound seen
FAA tells US airlines not to fly to Tel Aviv
Gulf oil spill: Ex-BP engineer's retrial postponed
Undercover probe finds health law failings
Scraping together a handsome bottom line
BCSC panel finds notary committed fraud
CEO: Clippers coach to quit if Sterling stays
Beretta: Gun law forcing move out of Maryland
Legal marijuana milestone heads for Seattle museum
A's agree to 10-year lease to stay in Oakland
Oops! EPA goes off topic, tweets about Kardashian
7 ex-NFL players appeal terms of concussion deal
LinkedIn to buy ad tech company Bizo for $175M
Most actively traded companies on the TSX
Discover Financial's 2Q profit jumps 7 per cent
Apple's fiscal 3Q earnings top analyst forecasts
Rogers jobs cuts could affect profitability
Microsoft CEO sees 'bold' plan as 4Q tops Street
Ford names Galhotra as Lincoln's new president
Jeep SUVs recalled for ignition switches
The top 10 books on Apple's iBooks
Exxon Mobil says it'll follow new anti-bias rules
Ackman goes after Herbalife's nutrition clubs
Agropur co-operative to buy U.S. dairy assets
Target debuts an image-recognition shopping app
Spotify's Top 10 most streamed tracks
LexisNexis buys Wolters' Cdn legal business
Protect yourself from identity theft
Dan Borislow, magicJack inventor, dies at 52
Ford says new F-150 can compete with rivals
Air Canada cancels Toronto flight to Tel Aviv
Juices get trendy; can V8 ride the trend?
Airlines ban flights to Israel after rocket strike
Judge nixes lawsuit over Empire State Building IPO