Great-West Lifeco logs $971M base earnings
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This article was published 15/02/2024 (930 days ago), so information in it may no longer be current.
Great-West Lifeco announced a seven per cent dividend increase Wednesday.
The Winnipeg-headquartered corporation’s base earnings jumped nine per cent year-over-year in 2023’s fourth quarter, to $971 million.
It’s the second quarter in a row Great-West Lifeco has logged record base earnings. Overall, 2023’s base earnings came to $3.7 billion (up 11 per cent from 2022).
In Canada, Great-West Lifeco’s fourth-quarter base earnings — $301 million — increased $41 million year-over-year.
“Our continued strong performance is supported by a solid foundation of diversified businesses and the disciplined actions we’ve taken to reposition our portfolio,” Paul Mahon, president of Great-West Lifeco, said in a news release.
Net earnings from the company’s continuing operations jumped 55 per cent year-over-year in the final quarter of 2023, to $743 million.
Great-West Lifeco noted a number of actions to improve capital efficiency, including: selling Putnam Investments to Franklin Templeton; integrating Prudential’s full-service retirement services; and acquiring the Investment Planning Counsel.
Great-West Lifeco’s group life and health book premium grew 22 per cent year-over-year in Canada and 14 per cent in Europe.