Great-West Lifeco’s posts lower earningsBy Kate McCaffery | February 13 2020 02:40PM
Great-West Lifeco Inc. released its fourth quarter and 2019 earnings Feb. 12, reporting net earnings attributable to common shareholders of $513-million, down from the $710-million reported for the same quarter in 2018.
For the 12 months ended Dec. 31, 2019, company net earnings came in at more than $2.3-billion, down again from the $2.96-billion earned as of the end of 2018. Consolidated assets under administration grew to over $1.6-trillion, a 16 per cent increase from Dec. 31, 2018. The company’s Life Insurance Capital Adequacy Test (LICAT) ratio was 135 per cent as of Dec. 31, down from 139 per cent at the end of the September 2019.
The company also announced that it would pay a quarterly dividend of $0.438 per common share, payable March 31, 2020 to shareholders of record at the close of business March 3, 2020. (Preferred share dividends will also be paid March 31 to shareholders of record on March 3.)