Great-West Lifeco profits down as it reports $459 million net income

TORONTO — Great-West Lifeco Inc. says profits were down in the second quarter compared with last year as it took a charge and had some investment impairments.

The insurance company says it had net earnings of $459 million, or 49 cents per share for the quarter ending June 30, compared with earnings of $831 million or 84 cents per share last year.

Adjusted earnings, which exclude a $199 million charge from the sale of part of its U.S. operations, came in at $658 million or 70 cents per share to meet analyst expectations according to financial markets data firm Refinitiv.

The company says adjusted earnings were also affected by changes to insurance contract liabilities and the impact of U.K. retail related investment impairments.

Great-West says sales were up $1.2 billion to $34.3 billion, an increase of four per cent from the second quarter last year, largely on higher sales in Europe.

On July 19, the company’s board approved a plan to combine its Great-West Life, London Life and Canada Life divisions and their holding companies into a single company to be known as The Canada Life Assurance Company.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

California is ready to pull the plug on gas vehicles

The first state with such a mandate

Liberals plan fund to spur green technology, jobs

Plans to spend on building retrofits, clean energy and production of electric vehicles

Parliament resumes full operations today with debate on throne speech

Opposition parties will respond to Wednesday’s speech

Central zone has 20 active cases of COVID-19

Province identified 143 new cases across Alberta on Wednesday

Liberals vow wage-subsidy extension to 2021, revamp of EI system in throne speech

Canadian labour market was hammered by pandemic, when lockdowns in the spring led to a loss of 3 million jobs

Canadian international Quinn hopes to start conversation, help young trans folk

People can do to be better allies to the trans community

Beverley McLachlin remembers Ruth Bader Ginsburg in award-winning memoir

Trump and Senate Republicans charge forward with plans to fill the court vacancy

Actor Ryan Reynolds looking to invest in Welsh soccer club

Talks to start with Reynolds and fellow actor Rob McElhenney

Former Wales star Rob Howley returns to rugby with Canadian national team

Former Wales star Rob Howley returns to rugby with Canadian national team

Back to work: NBA’s non-Disney clubs start team workouts

Back to work: NBA’s non-Disney clubs start team workouts

“We refused to play,” Henry blasts team as Impact lose 3-1 to Revolution

“We refused to play,” Henry blasts team as Impact lose 3-1 to Revolution

4-nation Rugby Championship to be played as 6 doubleheaders

4-nation Rugby Championship to be played as 6 doubleheaders

For NBA players, Taylor grand jury decision ‘not enough’

For NBA players, Taylor grand jury decision ‘not enough’

Most Read