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Great-West increases its net income in the first quarter



May 4, 2018 09:45

Photo : Freepik

Great-West Lifeco has increased its net profit attributable to holders of ordinary shares of 23.6 % in the first quarter. That amounted to 731 million dollars ($M), compared to$ 591 Million in the first quarter of 2017.

“Great-West Lifeco reported solid results in the first quarter, reflecting good sales growth and a rigorous management of expenses,” says Paul Mahon, president and chief executive officer of Great-West Lifeco.

Subscriptions have also experienced a slight growth of 7 %, to $ 34.6 billion dollars (G$). Great-West asserts that the increase is attributable to strong sales in each of the sectors.

Growth in Canada

The canadian sector of the company has seen a similar growth in net income, from$ 255 Million in the first quarter of 2017 to$ 316 Million, or 24 %. The increase reflects reductions in expenses attributable to the transformation program, as well as the effect of the results of the community sector.

In addition, the restructuring program initiated in 2017 has allowed Great-West to achieve a reduction in annual expenses of$ 137 Million at march 31, 2018, while the target is$ 200 Million before tax.

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