Great-West Lifeco Inc

Latest Results (17.12.2024):

Record Base Earnings

In the third quarter of 2024, Great-West Lifeco Inc. reported record base earnings of $1,061 million, or $1.14 per share, marking a 12% increase from the same period in 2023. This growth was driven by higher net fee and spread income, increased investment earnings, and favorable experience in the U.S. life reinsurance business, despite some offsetting factors such as the Global Minimum Tax impact in certain segments.

Net Earnings from Continuing Operations

Great-West Lifeco Inc. recorded net earnings from continuing operations of $859 million, or $0.92 per share, in the third quarter of 2024. This represents a 9% decrease compared to the previous year, primarily due to less favorable interest rate movements and assumption changes, although these were partially offset by higher base earnings.

Segment Performance

In the third quarter of 2024, the Canada segment reported base earnings of $317 million, a 7% increase from the previous year. The U.S. segment saw a 35% rise in base earnings to US$264 million, while the Europe segment experienced a 5% decline to $195 million. The Capital and Risk Solutions segment reported a 6% increase in base earnings to $210 million.

Dividends

The Board of Directors of Great-West Lifeco Inc. declared a quarterly dividend of $0.555 per share on its common shares, payable on December 31, 2024, to shareholders of record as of December 3, 2024. This decision reflects the company's commitment to returning value to its shareholders.

Outlook and Strategic Initiatives

Great-West Lifeco Inc. continues to focus on executing its growth strategies, particularly in the U.S. and Canadian markets. The company has signed a distribution agreement with Primerica Life Insurance Company of Canada and acquired Plan Management Corporation to enhance its service offerings. These strategic moves are expected to support the company's long-term growth objectives.