Great-West Lifeco Inc. reported net income of $960 million in the first quarter of 2024, compared to $595 million in the same quarter a year earlier.
The Winnipeg-based company said its quarterly underlying profits topped $1 billion for the first time in history, building on strong momentum heading into 2023.
Net income per common share was $1.03, up from 64 cents in the same quarter of 2023.
The company said net income from its Canadian segment was $353 million in the first quarter of this year, compared with $233 million in the first quarter of 2023.
Great-West Lifeco’s insurance and annuity sales in Canada were $155 million in the first quarter of 2024, down $1 million from the same quarter last year.
During the same period, individual wealth management sales were $4.47 billion, up from $2.66 billion. This was primarily due to higher sales of mutual funds, driven by acquisitions of investment planners and value partners, as well as higher sales of spin-off funds, the company said in a report to shareholders.
The firm had $941 billion in assets under management as of March 31, down from $1.04 trillion at the same time last year. The decline was partly due to the sale of Putnam Investments to Franklin Templeton earlier this year.
