Great-West Lifeco Inc. said on Wednesday that its total assets under administration (AUA) were $2.34 trillion as of June 30, up 8.1% from $2.17 trillion a year earlier, mainly due to acquisitions south of border.
Total AUA in Canada was $218 billion as of June 30, down 6% from $232 billion a year earlier. Total U.S. AUA was $1.88 trillion ($1.46 trillion), up 13.4% from $1.66 trillion ($1.34 trillion) a year earlier.
Great-West Life & Annuity Insurance Co., a Colorado-based subsidiary doing business as Empower, completed its acquisition of Prudential Financial Inc. on April 1. offering a full range of retirement services. The Empower-Prudential transaction added $116 billion in total assets, $1 billion in other assets under management and $250 billion in other AUAs to the balance sheet.
Great-West Lifeco Inc. said Wednesday that its net income attributable to common shareholders was $735 million in the second quarter, down 6.3% from $784 million a year ago. Earnings per diluted share were 79 cents, compared with 84 cents a year ago. This was due to higher acquisition-related costs, primarily resulting from the acquisition of Prudential.
Basic earnings per share for the quarter were unchanged from the prior-year quarter at 89 cents.
“Strong performance in insurance and investments offsets the weakening impact of equity markets on wealth and asset management businesses,” Great-West President and CEO Paul Mahon said in a statement Wednesday.
Total insurance and property sales in Canada were $3.22 billion in the second quarter of this year, down 3.7% from $3.35 billion a year ago. This was primarily due to lower sales of individual investment funds and segregated funds.
Individual property sales in Canada were $2.36 billion in the second quarter of this year, down 7% from $2.55 billion in the second quarter of 2021.
