Great-West Lifeco earnings up in the third quarter

By The IJ Staff | October 31 2019 02:05PM

Photo: Freepik

Sales were up in the third quarter of 2019 for Great-West Lifeco Inc., says the company’s earnings report released Oct. 30.

Positive sales of $41.9-billion, up 22 per cent from the third quarter of 2018, were driven primarily by a 29 per cent increase in the U.S. and a 22 per cent increase in Canada. The company’s consolidated assets under administration as of Sept. 30, reached approximately $1.6-trillion, a 14 per cent increase since Dec. 31, 2018.

Although sales helped boost the company’s net earnings in the third quarter, the numbers were not enough to prop up the company’s year-to-date numbers: Great-West declared net earnings of $730-million or $0.79 per common share for the third quarter of 2019, compared to $689-million or $0.70 per common share for the same quarter last year. Year-to-date, for the nine months ended Sept. 30, net earnings came in at $1.8-billion, down from the almost $2.3-billion reported in 2018.

Great-West’s LICAT total ratio was 139 per cent as of Sept. 30. The company’s board of directors also approved a quarterly dividend of $0.413 per common share, payable Dec. 31, 2019 to shareholders of record at the close of business Dec. 3, 2019. Preferred share dividends, ranging from $0.13 to $0.37, are also payable Dec. 31 to shareholders of record on Dec. 3, 2019.

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