GWL Posts Modest Gains in CanadaBy Andrew Rickard | August 07 2015 08:58AM
While Great-West Lifeco's worldwide profits were up by 7% for the second quarter of 2015, the company's Canadian operations only posted modest gains for the period.
For its global operations, Great-West Lifeco Inc. reported net earnings attributable to common shareholders of $659 million or $0.661 per common share for the three months ended June 30, 2015 compared to $615 million or $0.616 per common share for the same period in 2014. This represents an increase of 7%.
The Canadian segment of Great-West Lifeco Inc, which includes the businesses operated by Great-West Life, London Life, and Canada Life, reported net earnings attributable to common shareholders of $308 million for the second quarter of 2015. This is just 1% higher than the $304 million reported for the same quarter of 2014.
While the company saw net earnings attributed to individual life insurance sales in Canada decline, down to $88 million from the $97 million reported for the same quarter last year, net earnings attributed to the Canadian wealth management sector increased from $113 million in Q2 2014 to $122 million. Net earnings for Canadian group insurance were also on the rise, going from $92 million to $96 million.
Overall, Great West notes that Canadian sales for the second quarter of 2015 came to $3.0 billion, which is higher than the $2.9 billion recorded in the same period last year. "This reflects strong participating life insurance sales, higher individual investment funds sales and higher creditor sales, partially offset by lower group retirement product sales," reads the quarterly report.