Great-West fell on the news that Brexit had passed in the UK. However, the leading insurer should be shielded from long-term negative consequences despite its exposure to European and UK markets.
GREAT-WEST LIFECO (Toronto symbol GWO; www.greatwestlifeco.com) is Canada’s largest insurance firm, with a top market position in both individual life insurance and in group life and health benefits.
In the three months ended June 30, 2016, Great-West’s earnings rose 3.0%, to $0.68 a share from $0.66 a year earlier.
The company continues to benefit from its European expansion, including its 2013 acquisition of Irish Life for $1.75 billion. That firm is the Republic’s largest pension manager and life insurance provider.
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Great-West also recently bought Ireland’s Aviva Health and increased its stake in GloHealth from 49% to 100%. Aviva and GloHealth will merge to become one of the biggest health insurers in Ireland.
Growth by acquisition can be risky, but the company’s large size lets it take advantage of opportunities that have a strong chance of succeeding. Great-West’s expansion helped it end the latest quarter with $1.2 trillion in assets under management.
The stock trades at just 12.3 times Great-West’s forecast 2016 earnings of $2.74 a share. It yields a high 4.1%.
The fed and what it does has zero effect on Canadian Lifecos. It’s the Bank of Canada, it ha no interest in raising rates. GWO to me is just dead money. You can’t accumulate wealth buying life insurance companies IMO.
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The Fed is hinting it may raise interest rates, which could light a spark under GWO. Even if rates stay low, the dividend still seems solid.
The fed and what it does has zero effect on Canadian Lifecos. It’s the Bank of Canada, it ha no interest in raising rates. GWO to me is just dead money. You can’t accumulate wealth buying life insurance companies IMO.