Great-West Lifeco Inc. has announced net earnings attributable to common shareholders of $591 million or $0.598 per common share compared to $620 million or $0.625 per common share for the same quarter last year.
Highlights – In Quarter
Lifeco reports premiums and deposits growth of 12%
- Lifeco premiums and deposits in the first quarter of 2017 were $33.5 billion, up 12% compared to the same quarter in 2016, reflecting higher premiums and deposits across all segments.
Capital position remains strong
- The Great-West Life Assurance Company reported a Minimum Continuing Capital Surplus Requirements (MCCSR) ratio of 239% at March 31, 2017.
- Lifeco declared a quarterly common dividend of $0.3670 per common share payable June 30, 2017.
- Return on Equity (ROE), excluding the impact of restructuring costs, was 13.9%.
- Irish Life Assurance plc, a subsidiary of the Company, redeemed its 5.25% 200 million euro-denominated subordinated debenture notes at their principal amount together with accrued interest during the quarter.
$1 billion hybrid subordinated debt redemption announced
- On April 24, 2017, Great-West Lifeco Finance (Delaware) LP, a subsidiary of the Company, announced its intention to redeem all $1 billion principal amount of its 5.691% subordinated debentures due June 21, 2067 on June 21, 2017 at a redemption price equal to 100% of the principal amount of the debentures, plus any accrued interest up to but excluding the redemption date.