Great-West Lifeco Q1 builds on success
Great-West Lifeco had a big start to its financial year, exceeding $1 billion in quarterly base earnings for the first time for the quarter ending March 31.
“(It) built on our momentum from 2023,” Paul Mahon, president and CEO of the Winnipeg-based financial services company, said in a release Wednesday afternoon. “This is the third consecutive quarter of record base earnings supported by the deliberate actions we’ve taken to reposition and strengthen our portfolio of businesses.”
The company, which owns Canada Life in Canada and Empower in the U.S., had strong contributions to earnings growth from all its operations. Empower delivered its highest quarterly base earnings and exceeded US$1.6 trillion of assets under administration.
The company said information technology operations in Canada were enhanced with some functions transitioned to a managed service arrangement with an external provider.
Integration of Investment Planning Counsel, which was acquired from IGM Financial in August 2023, and Value Partners, which was acquired in September 2023, contributed to an increase of $296 million in net asset flows in Canada Individual Wealth Management compared to the fourth quarter of 2023.
The sale of Putnam Investments for US$1.7 billion closed at the start of the first quarter.
— Free Press staff
