Great-West Lifeco reports Q2 earnings boost

Insurance company Great-West Lifeco Inc. reports second-quarter net earnings grew by 17% on increased sales and boosted fees.

The Winnipeg-based company says it earned $831 million, or 84 cents per share, compared with $585 million, or 59 cents per share, in the same period of 2017.

The insurer benefited from $60 million after-tax gain from the restructuring of U.S. financing as a consequence of U.S. tax reform and the refinancing of some debt.

For the first half of the year, Great-West Lifeco’s net earnings were $1.56 billion, or $1.58 per common share, compared to adjusted net earnings of $1.33 billion, or $1.34 per common share for the same period last year.

Great-West Lifeco is one of Canada’s largest insurance and wealth management companies and is part of the Power Corporation group of companies, one of Canada’s largest non-bank financial conglomerates.

In April it signed a deal to acquire a strategic investment in Invesco Ltd. (Ireland), an employee benefit consulting and private wealth management firm, for an undisclosed price.

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The Canadian Press

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