Winnipeg-based Great-West Lifeco Inc. (TSX:GWO) has reported an increase of 19% to its net earnings for the first quarter.
The life insurer said Thursday net earnings attributable to common shareholders for the quarter end March 31 were $700 million or $0.702 per common share. That compares to $587 million or $0.587 per common share for the same period in 2014, an increase of 19%.
The firm ended the first quarter of 2015, at Mar. 31, with $0.702 per common share compared to $0.587 for the same period in 2014.
Consolidated assets under administration (AUA) grew to $1.2 trillion during the quarter, up $114 billion from Dec. 31, 2014.
Total company sales in the first quarter were $27.1 billion, up 36% from the same quarter in 2014.
Canada sales of $3.2 billion were comparable to the same quarter in 2014 as wealth management and participating life sales continued to be strong, the company says.
Europe sales were $4.5 billion, up 27%, primarily reflecting the impact of the acquisition of Equitable Life Assurance Society’s annuity business.
Great-West Financial sales were US$7.4 billion, up 156%, primarily due to an increase in large plan sales in Empower Retirement.
Putnam sales were US$8.3 billion, down 9% from the first quarter of 2014, primarily due to lower mutual fund sales compared to very strong sales a year ago.
Consolidated net earnings of Great-West Lifeco include the net earnings of The Great-West Life Assurance Company and its operating subsidiaries London Life Insurance Company and The Canada Life Assurance Company; Great-West Life & Annuity Insurance Company (Great-West Financial) and Putnam Investments, LLC, together with Lifeco’s corporate operating results.