Great-West Lifeco Inc. beat expectations as its net income increased nearly 6% to $730 million in its third quarter.
The Winnipeg-based company says it earnings attributable to common shareholders were 79 cents per share, up from 70 cents per share or $689 million in the prior year.
Great-West had no adjustments to its earnings in the quarter, but they were $745 million or 75 cents per share in the third quarter of 2018, which exclude $56 million in restructuring costs related to its U.K. operations.
Analysts expected net income of $708.75 million and earnings per share of $0.76, according to the financial markets data firm Refinitiv.
Sales grew by 22% to $41.9 billion, driven by a 29% increase in the U.S. and 22% growth in Canada.
In July, the company’s board approved a plan to combine its Great-West Life, London Life and Canada Life divisions and their holding companies into a single company to be known as The Canada Life Assurance Company.
In October, more than 90% of policyholders cast votes in favour of the amalgamation, which is expected to be effective on Jan. 1.