Great-West Lifeco Inc. announced net earnings attributable to common shareholders of $585 million or $0.591 per common share.
Included in Lifeco's net earnings for the second quarter of 2017 were restructuring costs of $127 million, primarily related to the realignment of the Canada segment operations.
Excluding these costs, adjusted net earnings for the second quarter of 2017 were $712 million or $0.719 per common share, up 6% compared to $671 million or $0.675 per common share for the same quarter last year. The increase in adjusted net earnings reflects strong business results and the impact of ongoing expense management initiatives.
Highlights – In Quarter
- Fee income of $1.4 billion up 12%
- Capital strength and financial flexibility maintained
- Completed offering of US$700 million of senior notes and redeemed $1.0 billion hybrid subordinated debenture
- Completed offering of $200 million of Preferred Shares