Great-West Posts Flat First Quarter; Doubles Down on U.S. and Putnam
No-moat Great-West, our favorite of the “big three†Canadian life insurers, turned in a rather flat first quarter. Adjusted earnings, which nets out $28 million of restructuring costs, was flat year over year but up 7% on a constant currency basis. Of that $28 million, $17 million was related to Irish Life and $11 million for Empower Retirement. While we believe stripping out the effects of currency is a better arbiter of underlying performance, we are not so quick to exclude the effects of rest...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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