GREAT-WEST LIFECO $32.20 (Toronto symbol GWO; Shares outstanding: 999.5 million; Market cap: $32.7 billion; TSINetwork Rating: Above Average; Yield: 3.8%; www.greatwestlifeco.com) is Canada’s largest insurance company. It also offers mutual funds and wealth management. Power Financial owns 68.1% of Great-West.
Excluding costs to integrate Irish Life, Great-West’s earnings per share rose 7.3% in the three months ended September 30, 2013, to $0.59 from $0.55 a year earlier. The company ended the quarter with $705.1 billion of assets under administration.
Earnings at the Canadian division (which supplies 56% of the total) rose 18.6%, as higher sales of personal insurance offset lower demand for group policies. The value of the assets this business administers also rose, which increased its wealth management fee income.
Great-West’s European division (31% of total earnings)—which includes Irish Life—reported 14.5% higher profits. The U.S. division (13%) is still seeing strong demand for retirement services and individual policies, but its Putnam mutual fund business reported a higher loss, pushing down overall U.S. earnings by 11.6%.
The stock trades at just 12.2 times Great-West’s forecast 2014 earnings of $2.64 a share.
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The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Changes to this Policy
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