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Great-West Lifeco Inc. says its base earnings for the third quarter were $950 million, up from $809 million a year earlier.

The company attributed the increase primarily to business growth, as well as higher average equity markets and interest rates.

Great-West Lifeco says its net earnings attributable to common shareholders were $905 million in the third quarter, down from $987 million during the same quarter last year.

Net earnings per diluted share were 97 cents, down from $1.06 a year earlier.

The company says base earnings from its Canadian segment were $296 million, down from $340 million a year earlier. The report to shareholders noted that 2022 benefited from a number of favourable tax impacts that did not reoccur.

Meanwhile, base earnings in the U.S. increased slightly to $262 million, while earnings rose in Europe to $206 million.

In Canada, individual wealth management had net outflows of $427 million, compared to net outflows of $524 million the previous quarter. Total assets under administration were down slightly at $227 billion compared to $228 billion the previous quarter.

In the report to shareholders, the insurer noted that Canada Life completed its acquisition of Value Partners Group Inc. and expects its acquisition of fellow Power Corp. subsidiary Investment Planning Counsel to close this year.

“Together, these acquisitions will help advance the company’s goal of being a leading Canadian full-service wealth and insurance platform for independent advisors,” the report said. Canada Life has more than 4,000 “advisor relationships” and $89 billion in assets under administration, the report to shareholders said.

Canada Life also onboarded the Canada federal government Public Service Health Care Plan (PSHCP) during the quarter — the largest group benefit plan in Canada. PSHCP increased Canada Life’s group-life-and-health block of business by about 15%, the report said.