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Great-West Lifeco Inc. (Lifeco) is a financial services holding company with interests in the life insurance, health insurance, investment and retirement savings and reinsurance businesses, primarily in Canada, the United States and Europe.Lifeco's subsidiaries serve the financial security needs of individuals and organizations in Canada, the United States and Europe. Lifeco and its companies have more than $160 billion in assets under administration. Lifeco is a member of the Power Financial Corporation group of companies

http://www.greatwestlifeco.com/
 

Great-West Lifeco reports third quarter 2017 net earnings of $581 million, including losses of $175 million related to Hurricanes Harvey, Irma and Maria

Readers are referred to the cautionary notes regarding Forward-Looking Information and Non-IFRS Financial Measures at the end of this release.  All figures are expressed in Canadian dollars, except as noted.

Winnipeg November 2, 2017 ... Great-West Lifeco Inc. (Lifeco or the Company) today announced net earnings attributable to common shareholders of $581 million or $0.587 per common share for the third quarter of 2017 compared to $674 million or $0.682 per common share for the same quarter last year. Lifeco's net earnings for the third quarter of 2017 included property catastrophe reinsurance losses of $175 million after-tax relating to estimated claims resulting from the impact of Hurricanes Harvey, Irma and Maria which reduced earnings per common share by $0.177. Excluding this item, earnings were $756 million, up $82 million from a year ago, primarily due to higher fee income and lower expenses reflecting the impact of ongoing expense management initiatives.

For the nine months ended September 30, 2017, excluding the impact of restructuring costs of $156 million year-to-date, Lifeco’s adjusted net earnings were $1,913 million or $1.934 per common share compared to $1,987 million or $2.004 per common share for the same period last year.


 
 
 
 
 
 
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