Great-West Lifeco Inc. (GWL) reported on Wednesday that second-quarter (Q2) net earnings grew by 17% on increased sales and boosted fees.
The Winnipeg-based company says it earned $831 million, or 84¢ a share, compared with $585 million, or 59¢ a share, in Q2 2017.
The insurer benefited from a $60-million after-tax gain from the restructuring of U.S. financing as a consequence of U.S. tax reform and the refinancing of some debt.
For the first half of the year, GWL’s net earnings were $1.6 billion, or $1.58 per common share, compared with adjusted net earnings of $1.3 billion, or $1.34 per common share, for the same period last year.
In April, GWL signed a deal to acquire a strategic investment in Invesco Ltd. (Ireland), an employee-benefit consulting and private wealth-management firm for an undisclosed price.