Great-West Lifeco reported $859 in net earnings in the third quarter, down from $905 million in Q3 2023. The insurer also reported base earnings — a non-GAAP metric — of $1.1 billion in the third quarter, up from $950 million this time last year.

The drop in net earnings was driven by interest rate movements and unfavourable fair value impacts of assumption changes and management actions. Improved base earnings offset those headwinds, as a result of net fee growth, investment earnings and a relatively strong quarter in the company’s U.S. life reinsurance business.

The Canadian business delivered $460 million in net earnings, up from $414 million in Q3 2023. Year-to-date net earnings in Canada were $1.2 billion, up 44% compared to this point last year.

Individual segregated fund sales in Canada rose 26% relative to Q3 2023. Net asset flows — excluding Investment Planning Counsel Inc. and Value Partners — are up $113 million from last year.

The company announced a quarterly dividend of $0.555 per common share, the same as the previous two quarters.