Great-West Lifeco Inc. has reported Q1 net earnings of $700 million, compared to $587 million for the same period in 2014, an increase of 19%.
Consolidated assets under administration grew to $1.2 trillion, up $114 billion from December 31, 2014.
The firm had strong earnings growth in all geographies, reflecting solid top line growth, higher assets under management and continued strong experience gains.
Total company sales in the first quarter of 2015 of $27.1 billion were up 36% from the same quarter in 2014:
- Canada sales of $3.2 billion were comparable to the same quarter in 2014 as Wealth Management and participating life sales continued to be strong.
- Europe sales were $4.5 billion, up 27%, primarily reflecting the impact of the acquisition of Equitable Life Assurance Society’s annuity business.
- Great-West Financial sales were US$7.4 billion, up 156%, primarily due to an increase in large plan sales in Empower Retirement.
- Putnam sales were US$8.3 billion, down 9% from the first quarter of 2014, primarily due to lower mutual fund sales compared to very strong sales a year ago.