May 3, 2018
1st Quarter 2018 Results
Great-West Lifeco reports first quarter 2018 net earnings of $731 million, up 24% from the first quarter of 2017
Toronto, May 3, 2018 ... Great-West Lifeco Inc. (Lifeco or the Company) today announced net earnings attributable to common shareholders of $731 million or $0.740 per common share for the first quarter of 2018 compared to $591 million or $0.598 per common share for the same quarter last year. Excluding 2017 restructuring costs, Lifeco’s net earnings in the first quarter of 2017 were $619 million. Net earnings in the first quarter of $731 million increased $112 million or 18% compared to adjusted net earnings of $619 million in the prior year driven by strong underlying business performance in all geographic segments.
“Great-West Lifeco delivered strong first quarter results reflecting healthy sales growth and disciplined expense management”, said Paul Mahon, President and CEO, Great-West Lifeco. “The Company maintained its strong capital position after transitioning to the new regulatory capital regime in Canada and continued to advance its growth agenda with tuck-in acquisitions and investments in technology and innovation across the organization.”
Highlights – In Quarter
- Sales of $34.6 billion up 7%
- Fee and other income of $1.4 billion up 6%
- Capital strength and financial flexibility maintained
- Completed offering of $500 million of debentures and redeemed $200 million debentures
- $500 million subordinated debt redemption announced
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