DBRS Morningstar: Good Q4 2019 Core Earnings for Great-West Lifeco Inc. Affected by Nonrecurring Items
Great-West Lifeco Inc. (the Company) reported good Q4 2019 net income of $513 million, equating to a 11.7% common shareholder return on equity. Earnings benefited from growing fee income across all geographic regions, improved markets for both Empower Retirement (Empower) and Putnam Investments (Putnam) in the U.S., and good expense discipline, offset by reserve strengthening in Canada, revaluation of a deferred tax asset, and lower net investment income.
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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