Great-West Lifeco reports fourth quarter 2018 net earnings of $710 million; announces 6% dividend increase
Great-West Lifeco Inc. (Lifeco or the Company) today announced net earnings attributable to common shareholders (net earnings) of $710 million or $0.72 per common share for the fourth quarter of 2018 compared to $392 million or $0.40 per common share for the same quarter last year.
“I am pleased with Great-West Lifeco’s earnings performance in 2018 which saw growth across our Canadian, U.S. and European segments,” said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. “We enter 2019 with significant excess capital, which will be further bolstered by $1.6 billion from the sale of our U.S. life and annuity business. This positions us to actively consider acquisition opportunities to drive growth and long-term value. In addition, we are considering other capital management activities to mitigate the earnings impact from the sale of our U.S. business.”
Highlights – In Quarter
- Dividend increase of 6%
- Sales for the fourth quarter of 2018 were $41.5 billion, up 37%
- Capital strength and financial flexibility maintained
- Adjusted return on equity (ROE) for the fourth quarter of 2018 was 14.3%
- Sale of U.S. individual life insurance and annuity business
- Recognized as a leader in carbon and climate risk management by CDP
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