October 30, 2019
3rd Quarter 2019 Results
Great-West Lifeco Inc. (Lifeco or the Company) today announced net earnings attributable to common shareholders (net earnings) of $730 million, or $0.79 per common share, for the third quarter of 2019 compared to $689 million, or $0.70 per common share, for the same quarter last year.
“The Company delivered healthy EPS growth, reflecting solid operating performance in the quarter and strategic decisions made earlier in the year,” said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco Inc. “Business fundamentals remain sound, our capital position is strong and we continue to move forward with our strategic priorities.”
Sales of $41.9 billion up 22%
- Sales for the third quarter of 2019 were $41.9 billion, up 22% from the third quarter of 2018, primarily driven by a 29% increase in the U.S., reflecting higher Empower Retirement sales and a 22% increase in Canada, driven by higher Group Customer sales in both Insurance and Wealth.
Capital strength and financial flexibility maintained
- The Great-West Life Assurance Company reported a Life Insurance Capital Adequacy Test (LICAT) ratio of 139% at September 30, 2019.
- Adjusted return on equity, which excludes the net charge of $199 million relating to the U.S. sale in the second quarter of 2019, was 13.4% for the third quarter of 2019.
Consolidated assets under administration of $1.6 trillion
- Consolidated assets under administration at September 30, 2019 were approximately $1.6 trillion, a 14% increase from December 31, 2018.