Great-West Lifeco Inc. (Lifeco or the Company) today announced net earnings attributable to common shareholders (net earnings) of $513 million, or $0.55 per common share, for the fourth quarter of 2019 compared to $710 million, or $0.72 per common share, for the same quarter last year. Lifeco’s net earnings for the fourth quarter of 2019 included the impact of the revaluation of a deferred income tax asset of $199 million, restructuring charges of $36 million and the net gain of $8 million on the completion of the Scottish Friendly transaction, which resulted in a total net charge of $227 million and reduced earnings per common share by $0.25. Excluding these items, adjusted net earnings were $740 million, or $0.80 per common share, for the fourth quarter of 2019.
Adjusted earnings per common share (EPS) for the fourth quarter of 2019 of $0.80, increased $0.08 or 11% from $0.72 in 2018, reflecting strong operating results in the Europe and U.S. segments, as well as the successful Substantial Issuer Bid share buyback, which was completed in the second quarter of 2019.
“Fourth quarter earnings reflected solid business growth, expense discipline and improvements in markets,” said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco Inc. “Our capital position is strong and we have the financial flexibility to execute on our strategic priorities for long-term growth.”
- Dividend increase of 6%
- Consolidated assets under administration of $1.6 trillion
- Sales performance was strong at $42.0 billion
- Capital strength and financial flexibility maintained
- Recognized as a leader in carbon and climate risk management by CDP