Great-West Lifeco reports net earnings of $2.6 billion for 2016

By The IJ Staff | February 10 2017 09:45AM

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Great-West has reported net earnings of $2.64 billion in 2016 compared to $2.76 billion for the same period in 2015. This represents $2.67 per common share in 2016 compared to $2.77 per common share for the same period the year prior, said the company in an announcement Feb. 9.

In the fourth quarter of 2016, Great-West reported net earnings of $676 million or $0.686 per common share compared to $683 million or $0.688 per common share for the same period in 2015. 

Restructuring costs

Included in Lifeco’s net earnings for the fourth quarter of 2016 are restructuring costs of $20 million related to a realignment of Putnam Investments. The company declared a quarterly common dividend of $0.3670 per common share payable March 31, 2017. This is a 6% increase from the previous quarter.

Canadian sales

In the fourth quarter, sales in the Canadian market were $3.9 billion, up 11%. This was mainly due to individual life insurance sales that were climbed 161% from the same quarter the year prior. “Group insurance led the market in sales both in the quarter and for the full year 2016,” said Great-West.