Great-West Lifeco Inc. (Lifeco or the Company) has reported net earnings attributable to common shareholders (net earnings) of $676 million or $0.686 per common share for the three months ended December 31, 2016 compared to $683 million or $0.688 per common share for the same period in 2015.
Highlights
- The Company declared a quarterly common dividend of $0.3670 per common share payable March 31, 2017, a 6% increase from the previous quarter.
- Lifeco sales in the fourth quarter of 2016 were $26.7 billion.
- The Company’s capital position remained very strong. The Great-West Life Assurance Company reported a Minimum Continuing Capital Surplus Requirements (MCCSR) ratio of 240% at December 31, 2016.
- Lifeco reported a ROE of 13.8%.
- Lifeco returned to the European capital markets in December 2016 with the issuance of 500 million euro-denominated 10-year bonds. The bonds pay an annual coupon of 1.75% and are listed on the Irish Stock Exchange.
- During the fourth quarter of 2016, Putnam announced that it was undertaking US$65 million in expense reductions and was realigning its resources to better position itself for current and future opportunities. For the three months ended December 31, 2016, the Company incurred restructuring costs relating to these initiatives that reduced net earnings by $20 million.
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