Great-West Lifeco Inc. says its second-quarter earnings roughly doubled from last year as it benefited from interest rate movements and lower business expenses.
The insurer said it had net earnings of $1 billion, or $1.08 cents per share, up from $498 million or 53 cents per share last year.
Great-West said the gains reflect an improved market experience from interest rate movements and low expenses related to business transformation activities, as well as a $121 million loss last year from asset rebalancing in Europe.
Adjusted earnings, or what Great-West calls base earnings, came in at $1.04 billion, up from $978 million last year.
Great-West said it hit record base earnings in the second quarter as its U.S. growth surpasses expectations and is set to become the largest segment within the company’s portfolio this year.
The company reported a base return on equity of 17.2%, up from 15.9% last year.