Canada Life parent hit by net earnings slump in full-year results

Canada Life parent hit by net earnings slump in full-year results | Insurance Business Canada

Insurance News

Quarterly numbers a different story

Insurance News

By
Terry Gangcuangco

Canada Life parent Great-West Lifeco has released its financial results for the fourth quarter and full-year 2023.

Here are the company’s financial highlights for the two periods:

Metric

Q4 2023

Q4 2022

FY 2023

FY 2022

Base earnings

$971 million

$894 million

$3.7 billion

$3.3 billion

Net earnings from continuing operations

$743 million

$478 million

$2.9 billion

$3.6 billion

Net earnings

$740 million

$452 million

$2.7 billion

$3.6 billion

Of the net earnings (loss) from continuing operations in the year, $961 million came from Canada; $769 million from the US; $384 million, Europe; $833 million, capital & risk solutions; and $(85 million), Lifeco corporate. The only segments that improved from 2022 were the US and capital & risk solutions.

Focusing on the quarterly numbers, Great-West Lifeco president & chief executive Paul Mahon said in a release: “Our continued strong performance is supported by a solid foundation of diversified businesses and the disciplined actions we’ve taken to reposition our portfolio. We’ve delivered back-to-back quarters with record base earnings per share, while at the same time positioning the company for future growth.

“This quarter also marks a transition of senior leadership as we welcome Jon Nielsen and Fabrice Morin as the company’s incoming chief financial officer, Great-West Lifeco and president & chief operating officer, Canada, respectively, on February 16, 2024.

“I’d like to personally congratulate Garry MacNicholas, Jeff Macoun, and Arshil Jamal on their retirements and thank them for their dedicated contributions to our company’s success over their careers which each spanned many decades.”

Meanwhile the company’s board of directors approved a quarterly dividend of $0.555 per share on the common shares of Great-West Lifeco payable on March 28.

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