TSX:GWO
| This earnings news release for Great-West Lifeco Inc. should be read in conjunction with the Company's interim Management's Discussion & Analysis (MD&A) and condensed consolidated interim unaudited Financial Statements for the period ended September 30, 2021, prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted. These reports are available on greatwestlifeco.com under Financial Reports. Additional information relating to Lifeco is available on sedar.com. 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, unless otherwise noted. |
WINNIPEG, MB, Nov. 3, 2021 /CNW/ - Great-West Lifeco Inc. (Lifeco or the Company) today announced its third quarter 2021 results.
"We made significant progress this quarter to drive value creation through both organic growth and acquisition. The transactions we announced in the U.S., Canada and Ireland will elevate our strategies and build new muscle as we scale and extend our business," said Paul Mahon, President and CEO of Great-West Lifeco Inc. "We are pleased with the results Great-West Lifeco achieved in the third quarter, with strong underlying business performance across operating segments and the benefits of recent acquisitions driving double-digit base earnings growth and strong base ROE."
Net earnings attributable to common shareholders (net earnings) were $872 million, or $0.94 per common share (EPS), for the third quarter of 2021 compared to $826 million, or $0.89 per common share, for the same quarter last year. Base earnings for the third quarter of 2021 were $870 million, or $0.93 per common share, compared to $679 million or $0.73 per common share a year ago.
| Common Shareholders | Q3 2021 | Q3 2020 |
| Base earnings(1) | | |
| Canada | $312 | $270 |
| United States (U.S.) | 221 | 83 |
| Europe | 232 | 182 |
| Capital and Risk Solutions | 107 | 156 |
| Lifeco Corporate | (2) | (12) |
| Total base earnings(1) | $870 | $679 |
| | | |
| Items excluded from base earnings(2) | 2 | 147 |
| | | |
| Net earnings | $872 | $826 |
| | | |
| | | |
| Base EPS(1) | $0.93 | $0.73 |
| Net EPS | $0.94 | $0.89 |
| | | |
| | | |
| Base return on equity(1)(3) | 14.5% | 13.5% |
| Return on equity(1)(3) | 14.9% | 12.1% |