{"id":1370,"date":"2024-03-13T10:23:57","date_gmt":"2024-03-13T10:23:57","guid":{"rendered":"https:\/\/financeify.ca\/?p=1370"},"modified":"2024-03-13T10:23:57","modified_gmt":"2024-03-13T10:23:57","slug":"great-west-lifeco-ia-financial-earnings-decline","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/03\/13\/great-west-lifeco-ia-financial-earnings-decline\/","title":{"rendered":"Great-West Lifeco, IA Financial earnings decline"},"content":{"rendered":"

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Insurers are reporting a significant drop in first-quarter profits as a result of the pandemic and market volatility.<\/p>\n

On Wednesday, Great-West Lifeco Inc. based in Winnipeg, announced net income attributable to common shareholders of $342 million for the first quarter of 2020, representing net earnings per share of $0.37.<\/p>\n

The result represents a decline of 48% compared to the same quarter last year, when earnings were $657 million, or $0.67 per share.<\/p>\n

The decline was primarily due to market impact of approximately $300 million and unfavorable underlying changes, the company said in its quarterly report report to shareholders<\/a>.<\/p>\n

The company’s basic earnings for the quarter, excluding market impacts and other items, were $543 million, or $0.59 per share, compared with $569 million, or $0.58 per share, a year ago, when the company had more shares in trade.<\/p>\n

Analysts on average expected adjusted earnings per share of $0.59 for the quarter, according to financial markets data firm Refinitiv.<\/p>\n

For Great-West Lifeco’s Canada business, sales increased 14% in the quarter year-over-year to $3.6 billion. The increase resulted mainly from higher sales of separated funds, investment funds of external entities and sales of individual insurance, the insurer said.<\/p>\n

Quebec City-based IA Financial Group on Thursday reported<\/a>net income attributable to common shareholders was $39.1 million compared to $151.1 million in the first quarter of 2019.<\/p>\n

Diluted earnings per share were $0.36 in the first quarter compared to $1.40 in the same quarter in 2019, a 74% year-over-year decline.<\/p>\n

As of March 31, 2020, the insurer had $175.7 billion in assets under management, up from $189.5 billion in the prior quarter. According to the company, the 7% decline was mainly due to the decline in stock markets.<\/p>\n

Despite the declines, the insurer reported strong sales, reporting a 19% year-over-year increase in premiums and deposits, or more than $3.5 billion.<\/p>\n

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Insurers are reporting a significant drop in first-quarter profits as a result of the pandemic and market volatility. On Wednesday, Great-West Lifeco Inc. based in Winnipeg, announced net income attributable to common shareholders of $342 million for the first quarter of 2020, representing net earnings per share of $0.37. The result represents a decline of […]<\/p>\n","protected":false},"author":1,"featured_media":1371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[443,642,192,640,641],"class_list":{"0":"post-1370","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-decline","9":"tag-earnings","10":"tag-financial","11":"tag-greatwest","12":"tag-lifeco"},"aioseo_notices":[],"yoast_head":"\nGreat-West Lifeco, IA Financial earnings decline - Financeify<\/title>\n<meta name=\"description\" content=\"Insurers are reporting a significant drop in first-quarter profits as a result of the pandemic and market volatility. 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