Great-West Lifeco sees higher profits in Q3

Great-West Lifeco Inc. says a series of acquisitions and limited plan terminations delivered a more than 13% increase in net earnings during its third quarter.

The Winnipeg-based insurer says it had $826 million of net earnings during the months leading up to Sept. 30, up from $730 million in the same period last year.

Its net earnings per share jumped to 89 cents from 79 cents the year before.

Its base earnings, a form of adjusted profit that excludes certain items, were $679 million or 73 cents per share.

The company was expected to report 69 cents per share of base earnings, according to the financial markets data firm Refinitiv.

Great-West announced recently that it will earn $145 million by selling subsidiary GLC Asset Management Group Ltd. to Mackenzie Financial Corp.

Great-West also recently reached deals to buy wealth manager Personal Capital Corp., the retirement services business of Massachusetts Mutual Life Insurance Company and a non-controlling interest in Northleaf Capital Partners Ltd.

“This quarter saw Lifeco successfully deliver on several key strategic priorities, as we continue to strengthen the portfolio and expand our capabilities to serve our customers and create shareholder value,” said Paul Mahon, Great-West’s president and chief executive.

“These strong overall results are underpinned by our disciplined and diversified business model which is exhibiting great resilience as the global pandemic continues.”

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.