Growth in Canadian earnings offset by drop in contribution from U.S., European operations
Insurer plans $200 million debenture offering
Revenue nearly triples to $10.4 billion
Offering raises $170 million
Underwriters agree to buy up $250 million shares on a bought-deal basis
The firm realized lower investment-management fee income as a result of the lowered market value of assets invested in its funds
Great-West Lifeco unit proposes to apply performance fees to more funds
Firm is also looking to enter the GMWB market with a new product at a time when it would be most profitable and sustainable
Although market conditions took their toll, the insurer is still comfortably in the black
Outlook is stable, Fitch says