Great-West Lifeco sees fourth-quarter earnings rise to $740 million

WINNIPEG — Great-West Lifeco Inc. says its fourth-quarter net earnings were $740 million, up from $452 million during the same quarter last year.

Net earnings per common share were 79 cents, up from 48 cents for the quarter ended Dec. 31, 2023.

However, though net earnings from continuing operations were also up year over year, they were down for the company's Canada segment, at $166 million, down from $352 million in 2022.

The company says that stronger base earnings in Canada were partially offset by individual insurance mortalities and favourable 2022 tax impacts that weren't repeated in 2023.

Great-West also noted a leadership transition as of Friday, with Jon Nielsen becoming chief financial officer and Fabrice Morin becoming president and chief operating officer, Canada.

The company announced a seven per cent increase to its dividend, at 55.5 cents per share.

This report by The Canadian Press was first published Feb. 14, 2024.

Companies in this story: (TSX:GWO)

The Canadian Press