Great-West Lifeco's Q3 2022 Profitability Affected by Reinsurance Catastrophe Losses and Financial Market Volatility
Great-West Lifeco Inc. reported Q3 2022 base and net earnings of $688 million, a 21% decline compared with the same quarter a year ago. Return on equity (as calculated by DBRS Morningstar) decreased to 11.7%, which is still good in our view considering the challenging macroeconomic environment. Both base and net earnings were negatively affected by a $128 million (after-tax) provision for estimated claims resulting from the impact of Hurricane Ian.
Great-West Lifeco is a financial services holding company with interests in the life insurance, health insurance, retirement savings, investment management and reinsurance businesses. Co. has operations in Canada, the United States, Europe and Asia through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, Great-West Life & Annuity Insurance Company and Putnam Investments, LLC. Co., through its operating subsidiaries, provides protection and savings products that are distributed through multiple sales channels. Products are marketed under the Great-West Life, London Life and Canada Life brands.
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