Great-West Lifeco Inc. reported Wednesday that its total assets under administration (AUA) as of Dec. 31 were $2.3 trillion, up 15% from a year earlier.
The increase was primarily due to market performance and new business growth, the insurer said.
Great-West had net earnings of $3.26 billion in 2021 on revenue of $64.4 billion (including but not limited to net premiums, investment income and fees). In 2020 net earnings were $2.94 billion while revenue was $60.6 billion.
Sun Life Financial Inc. reported asset under management of $1.44 trillion as of Dec. 31, up from $1.26 trillion a year earlier, a 15% increase.
“Insurance sales were strong, increasing 13% from prior year, contributing to 16% growth in value of new business,” said Kevin Strain, president and CEO of Sun Life, in a release.
“I am proud of how our Sun Life employees and advisors continued to drive positive financial and health impacts for our clients, especially now, when they need us most.”
Of Sun Life’s $1.44 trillion at the end of 2021, $205 billion was in general funds, $140 billion was in segregated funds and $1.1 trillion was in mutual funds, managed funds and other AUM.
Sun Life recorded net earnings of $4.37 billion on $35.7 billion in revenue in 2021, up from net earnings of $2.8 billion on revenue of $43.3 billion in 2020.