GREAT-WEST LIFECO INC. $31 (Toronto symbol GWO; Conservative Growth Portfolio, Finance sector; Shares outstanding: 951.4 million; Market cap: $29.5 billion; Price-to-sales ratio: 1.0; Dividend Yield: 4.0%; TSINetwork Rating: Above Average; www.greatwestlifeco.com) is Canada’s second-largest insurance company after Manulife, with $581.9 billion of assets under administration. It also sells mutual funds and retirement planning and wealth management services. Power Financial (Toronto symbol PFC) owns 68.2% of Great-West.
The company expects to complete its $1.75- billion purchase of Irish Life Group in the next few weeks. This business is Ireland’s largest pension manager and life insurance provider.
Meanwhile, Great-West continues to benefit from rising equity markets, which have raised the value of the assets it manages. Mutual fund sales at U.S. subsidiary Putnam Investments are also improving.
In the three months ended March 31, 2013, the company earned $550 million. That’s up 16.0% from $474 million a year earlier. Great-West sold $1.25 billion of new shares to fund the Irish Life purchase. Due to more shares outstanding, per-share earnings rose at a slower pace of 14.9%, to $0.54 from $0.47. Revenue gained 14.9%, to $16.6 billion from $14.5 billion.
The company will probably earn $2.14 a share in 2013. The stock trades at a moderate 14.5 times that forecast. The $1.23 dividend yields 4.0%.
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