{"id":1796,"date":"2024-07-21T23:47:16","date_gmt":"2024-07-21T23:47:16","guid":{"rendered":"https:\/\/financeify.ca\/?p=1796"},"modified":"2024-07-21T23:47:16","modified_gmt":"2024-07-21T23:47:16","slug":"great-west-lifeco-reports-960-million-in-first-quarter-net-income","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/07\/21\/great-west-lifeco-reports-960-million-in-first-quarter-net-income\/","title":{"rendered":"Great-West Lifeco reports $960 million in first-quarter net income"},"content":{"rendered":"
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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.<\/p>\n
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.<\/p>\n
Net income per common share was $1.03, up from 64 cents in the same quarter of 2023.<\/p>\n
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.<\/p>\n
Great-West Lifeco\u2019s insurance and annuity sales in Canada were $155 million in the first quarter of 2024, down $1 million from the same quarter last year.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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 […]<\/p>\n","protected":false},"author":1,"featured_media":1797,"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":[961,640,111,641,371,591,581],"class_list":{"0":"post-1796","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-firstquarter","9":"tag-greatwest","10":"tag-income","11":"tag-lifeco","12":"tag-million","13":"tag-net","14":"tag-reports"},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t