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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Great West Lifeco Inc | TSX:GWO | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.05% | 41.50 | 41.33 | 41.67 | 41.92 | 41.40 | 41.54 | 800,430 | 21:12:15 |
This earnings news release for Great-West Lifeco Inc. should be read in conjunction with the Company's Management Discussion & Analysis (MD&A) and Consolidated Financial Statements for the period ended March 31, 2023, prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board unless otherwise noted. These reports are available on greatwestlifeco.com under Financial Reports. Additional information relating to Great-West Lifeco is available on sedar.com. Readers are referred to the cautionary notes regarding Forward-Looking Information and Non-GAAP Financial Measures and Ratios at the end of this release. All figures are expressed in millions of Canadian dollars, unless otherwise noted.
TSX:GWO
WINNIPEG, MB, May 9, 2023 /CNW/ - Great-West Lifeco Inc. (Lifeco or the Company) today announced its first quarter 2023 results and the successful implementation of IFRS 17.
"Our strong results reflect the successful execution of our integration programs in the U.S. and continued focus on delivering consistent performance in each of our core businesses," said Paul Mahon, President and CEO, Great-West Lifeco. "With the strategic acquisitions in the U.S. and of IPC in Canada, we are positioning our portfolio to deliver even greater value for clients, advisors, and shareholders."
"The successful implementation of IFRS 17 is the culmination of a significant multi-year enterprise-wide initiative. Under this new reporting standard, we're seeing strong base earnings growth, alongside expected increased net earnings volatility," said Garry MacNicholas, EVP and CFO, Great-West Lifeco. "This volatility is driven by the de-linking of asset and liability measurement and accounting policy decisions that were made to maintain regulatory capital (LICAT) stability."
Base earnings1 Net earnings
Base earnings1 | Net earnings | |||
Common Shareholders | Q1 2023 | Q1 2022 | Q1 2023 | Q1 2022 |
Segment earnings1 | ||||
Canada | $278 | $224 | $233 | $443 |
United States (U.S.) | 200 | 144 | 151 | 112 |
Europe | 178 | 176 | 40 | 544 |
Capital and Risk Solutions | 157 | 171 | 184 | 234 |
Lifeco Corporate | (5) | (3) | (13) | 1 |
Total earnings1 | $808 | $712 | $595 | $1,334 |
EPS2 | $0.87 | $0.76 | $0.64 | $1.43 |
Return on equity2,3 | 15.8 % | 13.4 % |
_________________________________ | |
1 | Base earnings is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details. |
2 | Base EPS and base return on equity are non-GAAP ratios. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details. |
3 | Base return on equity and return on equity are calculated using the trailing four quarters of applicable earnings and common shareholders' equity. |
Base earnings per common share (EPS) for the first quarter of 2023 of $0.87 were up 14% from $0.76 a year ago. The increase was primarily due to Prudential related base earnings of $69 million (US$51 million), higher contributions from investment experience and realized synergies from the MassMutual acquisition as well as more favourable group insurance long term disability experience in the Canada segment. These items were partially offset by lower fee income in the U.S. segment as well as unfavourable mortality experience in the Canada, Europe and Capital and Risk Solutions segments. Under the IFRS 17 reporting standard, the positive benefits of longevity gains mainly flow through the Contractual Service Margin and no longer immediately offset the impact of unfavorable mortality in earnings in the period.
Reported net EPS for the first quarter of 2023 was $0.64, compared to $1.43 a year ago, primarily due to unfavourable experience on non-fixed income assets and declining risk free rates in-quarter compared to positive contributions in the same quarter last year from rising interest rates.
Return on equity was 13.4% on net earnings and 15.8% on base earnings in the first quarter of 2023.
New Value Drivers, with enhanced reporting
Strategic acquisition to build a leading platform for independent advisors in Canada
Empower launches Empower Personal Wealth
Irish Life launches Unio, a new independent, wealth management advisory firm
Successful transition to IFRS 17
SEGMENTED OPERATING RESULTS
For reporting purposes, Lifeco's consolidated operating results are grouped into five reportable segments – Canada, United States, Europe, Capital and Risk Solutions and Lifeco Corporate – reflecting the management and corporate structure of the Company. For more information, refer to the Company's first quarter of 2023 interim Management's Discussion and Analysis (MD&A).
CANADA
UNITED STATES
EUROPE
CAPITAL AND RISK SOLUTIONS
QUARTERLY DIVIDENDS
The Board of Directors approved a quarterly dividend of $0.52 per share on the common shares of Lifeco payable June 30, 2023 to shareholders of record at the close of business May 31, 2023.
In addition, the Directors approved quarterly dividends on Lifeco's preferred shares, as follows:
First Preferred Shares | Amount, per share |
Series G | $0.3250 |
Series H | $0.30313 |
Series I | $0.28125 |
Series L | $0.353125 |
Series M | $0.3625 |
Series N | $0.109313 |
Series P | $0.3375 |
Series Q | $0.321875 |
Series R | $0.3000 |
Series S | $0.328125 |
Series T | $0.321875 |
Series Y | $0.28125 |
For purposes of the Income Tax Act (Canada), and any similar provincial legislation, the dividends referred to above are eligible dividends.
First Quarter Conference Call
Lifeco's first quarter conference call and audio webcast will be held on Wednesday, May 10 at 8:00 am ET.
The conference call will be extended by 30 minutes, concluding at 9:30 am ET, to accommodate review of the first quarter 2023 results as well as the comparative 2022 results reported for the first time under the adoption of IFRS 17, Insurance Contracts and IFRS 9, Financial Instruments.
The call and webcast can be accessed through greatwestlifeco.com/news-events/events or by phone at:
A replay of the call will be available until June 10 and can be accessed by calling 604-674-8052 or 1-855-669-9658 (passcode: 9666). The archived webcast will be available on greatwestlifeco.com.
Selected financial information is attached.
GREAT-WEST LIFECO INC.
Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. We operate in Canada, the United States and Europe under the brands Canada Life, Empower, Putnam Investments, and Irish Life. At the end of 2022, our companies had approximately 31,000 employees, 234,500 advisor relationships, and thousands of distribution partners – all serving over 38 million customer relationships across these regions. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit greatwestlifeco.com.
Basis of presentation
The condensed consolidated interim unaudited financial statements for the period ended March 31, 2023 of Lifeco, which reflects the adoption of IFRS 17, Insurance Contracts, and IFRS 9, Financial Instruments that resulted in the restatement of certain comparative amounts, have been prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted and are the basis for the figures presented in this release, unless otherwise noted.
Cautionary note regarding Forward-Looking Information
This release contains forward-looking information. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "will", "may", "expects", "anticipates", "intends", "plans", "believes", "estimates", "objective", "target", "potential" and other similar expressions or negative versions thereof. Forward-looking information includes, without limitation, statements about the Company's operations, business (including business mix), financial condition, expected financial performance (including revenues, earnings or growth rates and medium-term financial objectives), ongoing business strategies or prospects, climate-related and diversity-related measures, objectives and targets, anticipated global economic conditions and possible future actions by the Company, including statements made with respect to the expected cost, benefits, timing of integration activities and timing and extent of revenue and expense synergies of acquisitions and divestitures, including but not limited to the proposed acquisition of Investment Planning Counsel (IPC) and the acquisition of the full-service retirement business of Prudential, expected capital management activities and use of capital, estimates of risk sensitivities affecting capital adequacy ratios, expected dividend levels, expected cost reductions and savings, expected expenditures or investments (including but not limited to investment in technology infrastructure and digital capabilities and solutions), the timing and completion of the proposed acquisition of IPC, the impact of regulatory developments on the Company's business strategy and growth objectives.
Forward-looking statements are based on expectations, forecasts, estimates, predictions, projections and conclusions about future events that were current at the time of the statements and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance, mutual fund and retirement solutions industries. They are not guarantees of future performance, and the reader is cautioned that actual events and results could differ materially from those expressed or implied by forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance that they will prove to be correct. In all cases, whether or not actual results differ from forward-looking information may depend on numerous factors, developments and assumptions, including, without limitation, assumptions around sales, fee rates, asset breakdowns, lapses, plan contributions, redemptions and market returns, the ability to integrate the acquisitions of Personal Capital and the retirement services businesses of MassMutual and Prudential, the ability to leverage Empower's, Personal Capital's, MassMutual's and Prudential's retirement services businesses and achieve anticipated synergies, customer behaviour (including customer response to new products), the Company's reputation, market prices for products provided, sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy and plan lapse rates, participant net contribution, reinsurance arrangements, liquidity requirements, capital requirements, credit ratings, taxes, inflation, interest and foreign exchange rates, investment values, hedging activities, global equity and capital markets (including continued access to equity and debt markets), industry sector and individual debt issuers' financial conditions (particularly in certain industries that may comprise part of the Company's investment portfolio), business competition, impairments of goodwill and other intangible assets, the Company's ability to execute strategic plans and changes to strategic plans, technological changes, breaches or failure of information systems and security (including cyber attacks), payments required under investment products, changes in local and international laws and regulations, changes in accounting policies and the effect of applying future accounting policy changes, changes in actuarial standards, unexpected judicial or regulatory proceedings, catastrophic events, continuity and availability of personnel and third party service providers, the Company's ability to complete strategic transactions and integrate acquisitions, unplanned material changes to the Company's facilities, customer and employee relations or credit arrangements, levels of administrative and operational efficiencies, changes in trade organizations, and other general economic, political and market factors in North America and internationally.
The reader is cautioned that the foregoing list of assumptions and factors is not exhaustive, and there may be other factors listed in other filings with securities regulators, including factors set out in the Company's 2022 Annual MD&A under "Risk Management and Control Practices" and "Summary of Critical Accounting Estimates" and in the Company's annual information form dated February 8, 2023 under "Risk Factors", which, along with other filings, is available for review at www.sedar.com. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not to place undue reliance on forward-looking information.
Other than as specifically required by applicable law, the Company does not intend to update any forward-looking information whether as a result of new information, future events or otherwise.
Cautionary note regarding Non-GAAP Financial Measures and Ratios
This release contains some non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure". Terms by which non-GAAP financial measures are identified include, but are not limited to, "base earnings (loss)", "base earnings (loss) (US$)" and "assets under administration". Terms by which non-GAAP ratios are identified include, but are not limited to, "base earnings per common share (EPS)", and "base return on equity (ROE)". Non-GAAP financial measures and ratios are used to provide management and investors with additional measures of performance to help assess results where no comparable GAAP (IFRS) measure exists. However, non-GAAP financial measures and ratios do not have standard meanings prescribed by GAAP (IFRS) and are not directly comparable to similar measures used by other companies. Refer to the "Non-GAAP Financial Measures and Ratios" section in this release for the appropriate reconciliations of these non-GAAP financial measures to measures prescribed by GAAP as well as additional details on each measure and ratio.
FINANCIAL HIGHLIGHTS (unaudited)
(in Canadian $ millions, except per share amounts)
Selected consolidated financial information (in Canadian $ millions, except for per share amounts) | |||||||
As at or for the three months ended | |||||||
Mar. 31 2023 | Dec. 31 2022 | Mar. 31 2022 | |||||
Earnings | |||||||
Base earnings1 | $ | 808 | $ | 869 | $ | 712 | |
Net earnings - common shareholders | 595 | 452 | 1,334 | ||||
Per common share | |||||||
Basic: | |||||||
Base earnings2 | 0.87 | 0.93 | 0.76 | ||||
Net earnings | 0.64 | 0.48 | 1.43 | ||||
Diluted net earnings | 0.64 | 0.48 | 1.43 | ||||
Dividends paid | 0.52 | 0.49 | 0.49 | ||||
Book value3 | 23.45 | 23.28 | 21.65 | ||||
Base return on equity2 | 15.8 % | 15.7 % | |||||
Return on equity3 | 13.4 % | 17.2 % | |||||
Base dividend payout ratio2 | 60.0 % | 52.7 % | 64.5 % | ||||
Dividend payout ratio3 | 81.3 % | 102.1 % | 34.3 % | ||||
Financial leverage ratio4 | 33 % | 33 % | 33 % | ||||
Price/earnings ratio3 | 11.7X | 8.9X | |||||
Price/book value ratio3 | 1.5X | 1.3X | |||||
Total assets per financial statements | $ | 691,853 | $ | 672,206 | |||
Total assets under management1 | 1,040,214 | 1,003,940 | |||||
Total assets under administration1 | 2,596,151 | 2,468,463 | |||||
Total contractual service margin (net of reinsurance held) | 13,043 | 13,123 | |||||
Total equity | $ | 29,037 | $ | 28,795 | |||
Canada Life Assurance Company consolidated LICAT Ratio5 | 127 % | ||||||
Canada Life Assurance Company consolidated LICAT Ratio - proforma6 | 130 % | 127 % | |||||
1 | This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details. |
2 | This metric is a non-GAAP ratio. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details. |
3 | Refer to the "Glossary" section of the Company's first quarter of 2023 interim MD&A for additional details on the composition of this measure. |
4 | The calculation for financial leverage ratio will include the after-tax non-participating CSM balance in the denominator, other than CSM associated with segregated fund guarantees. This reflects that the CSM represents future profit and is considered available capital under LICAT. These ratios are estimates based on available data. |
5 | The Life Insurance Capital Adequacy Test (LICAT) Ratio is based on the consolidated results of The Canada Life Assurance Company (Canada Life), Lifeco's major Canadian operating subsidiary. The LICAT Ratio is calculated in accordance with the Office of Superintendent of Financial Institutions' guideline - Life Insurance Capital Adequacy Test. Refer to the "Capital Management and Adequacy" section of the Company's first quarter of 2023 interim MD&A for additional details. |
6 | Proforma estimates of The Canada Life Assurance Company consolidated LICAT ratio are estimated based on the retrospective application of the 2023 LICAT Guideline to 2022 financial results which have been restated to reflect the adoption of IFRS 17 and IFRS 9. Proforma LICAT ratios are intended only to provide an estimate of the direction and magnitude of the impact of adopting the 2023 LICAT Guideline under IFRS. Refer to the Cautionary Notes at the beginning of this document for additional information on the use of proforma estimates. |
BASE AND NET EARNINGS
Consolidated base earnings and net earnings of Lifeco include the base earnings and net earnings of Canada Life (and its operating subsidiaries), Empower and Putnam, together with Lifeco's Corporate operating results.
With the adoption of IFRS 17, the Company has refined the definition of base earnings (loss), a non-IFRS financial measure. This is applicable as of January 1, 2023 and has been applied to the restated unaudited 2022 comparative periods. Overall, the Company's principles in defining base earnings (loss) have remained consistent. Base earnings (loss) continues to represent management's view of the underlying business performance of the Company and provides an alternate measure to understand the underlying business performance compared to IFRS net earnings.
Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details.
Base earnings1 and net earnings - common shareholders by segment (unaudited) | ||||||
For the three months ended | ||||||
Mar. 31 2023 | Dec. 31 2022 | Mar. 31 2022 | ||||
Base earnings (loss)1 | ||||||
Canada | $ | 278 | $ | 260 | $ | 224 |
United States | 200 | 190 | 144 | |||
Europe | 178 | 256 | 176 | |||
Capital and Risk Solutions | 157 | 181 | 171 | |||
Lifeco Corporate | (5) | (18) | (3) | |||
Lifeco base earnings1 | $ | 808 | $ | 869 | $ | 712 |
Items excluded from base earnings | ||||||
Market experience gains and losses2 | $ | (168) | $ | (386) | $ | 686 |
Assumption changes and management actions2 | 7 | (29) | (18) | |||
Transaction costs related to acquisitions3 | — | (5) | (7) | |||
Restructuring and integration costs | (19) | (32) | (12) | |||
Tax legislative changes impact | — | 63 | — | |||
Amortization of acquisition-related finite life intangibles | (33) | (28) | (27) | |||
Items excluded from Lifeco base earnings | $ | (213) | $ | (417) | $ | 622 |
Net earnings (loss) - common shareholders | ||||||
Canada | $ | 233 | $ | 352 | $ | 443 |
United States | 151 | 142 | 112 | |||
Europe | 40 | (25) | 544 | |||
Capital and Risk Solutions | 184 | 3 | 234 | |||
Lifeco Corporate | (13) | (20) | 1 | |||
Lifeco net earnings - common shareholders | $ | 595 | $ | 452 | $ | 1,334 |
1 | This metric is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Ratios" section of this document for additional details. |
2 | Refer to the "Glossary" section of this document for additional details on the composition of this measure. |
3 | The transaction costs relate to acquisitions in the U.S. segment (the full-service retirement business of Prudential, Personal Capital and the retirement services business of MassMutual) as well as acquisitions in the Europe segment. |
NON-GAAP FINANCIAL MEASURES AND RATIOS
Non-GAAP Financial Measures
The Company uses several non-GAAP financial measures to measure overall performance of the Company and to assess each of its business units. A financial measure is considered a non-GAAP measure for Canadian securities law purposes if it is presented other than in accordance with generally accepted accounting principles (GAAP) used for the Company's consolidated financial statements. The consolidated financial statements of the Company have been prepared in compliance with IFRS as issued by the IASB. Non-GAAP financial measures do not have a standardized meaning under GAAP and may not be comparable to similar financial measures presented by other issuers. Investors may find these financial measures useful in understanding how management views the underlying business performance of the Company.
Base earnings (loss)
Base earnings (loss) reflect management's view of the underlying business performance of the Company and provides an alternate measure to understand the underlying business performance compared to IFRS net earnings.
Base earnings (loss) exclude the following items from IFRS reported net earnings:
The definition of base earnings (loss) has been refined (in 2023 and applied to 2022 comparative results) to also exclude the following impacts that are included in IFRS reported net earnings for an improved representation of the Company's underlying business performance, as well as for consistency and comparability with financial services industry peers:
Lifeco | ||||||
For the three months ended | ||||||
Mar. 31 | Dec. 31 | Mar. 31 | ||||
Base earnings | $ | 808 | $ | 869 | $ | 712 |
Items excluded from Lifeco base earnings | ||||||
Market experience gains and losses (pre-tax) | $ | (209) | $ | (393) | $ | 864 |
Income tax (expense) benefit | 41 | 7 | (178) | |||
Assumption changes and management actions (pre-tax) | 9 | (46) | (19) | |||
Income tax (expense) benefit | (2) | 17 | 1 | |||
Transaction costs related to acquisitions (pre-tax) | — | (5) | (8) | |||
Income tax (expense) benefit | — | — | 1 | |||
Restructuring and integration costs (pre-tax) | (26) | (43) | (17) | |||
Income tax (expense) benefit | 7 | 11 | 5 | |||
Tax legislative changes impact (pre-tax) | — | — | — | |||
Income tax (expense) benefit | — | 63 | — | |||
Amortization of acquisition-related finite life intangibles (pre-tax) | (45) | (37) | (35) | |||
Income tax (expense) benefit | 12 | 9 | 8 | |||
Total pre-tax items excluded from base earnings | $ | (271) | $ | (524) | $ | 785 |
Impact of items excluded from base earnings on income taxes | 58 | 107 | (163) | |||
Net earnings - common shareholders | $ | 595 | $ | 452 | $ | 1,334 |
Canada | ||||||
For the three months ended | ||||||
Mar. 31 2023 | Dec. 31 2022 | Mar. 31 2022 | ||||
Base earnings | $ | 278 | $ | 260 | $ | 224 |
Items excluded from base earnings | ||||||
Market experience gains and losses (pre-tax) | $ | (60) | $ | 78 | $ | 298 |
Income tax (expense) benefit | 17 | (17) | (72) | |||
Assumption changes and management actions (pre-tax) | 3 | (37) | (3) | |||
Income tax (expense) benefit | (1) | 10 | 1 | |||
Amortization of acquisition-related finite life intangibles (pre-tax) | (6) | (7) | (6) | |||
Income tax (expense) benefit | 2 | 2 | 1 | |||
Tax legislative changes impact (pre-tax) | — | — | — | |||
Income tax (expense) benefit | — | 63 | — | |||
Net earnings - common shareholders | $ | 233 | $ | 352 | $ | 443 |
United States | ||||||
For the three months ended | ||||||
Mar. 31 2023 | Dec. 31 2022 | Mar. 31 2022 | ||||
Base earnings | $ | 200 | $ | 190 | $ | 144 |
Items excluded from base earnings | ||||||
Market experience gains and losses (pre-tax) | $ | (5) | $ | — | $ | 1 |
Income tax (expense) benefit | — | — | (1) | |||
Restructuring and integration costs (pre-tax) | (26) | (43) | (17) | |||
Income tax (expense) benefit | 7 | 11 | 5 | |||
Amortization of acquisition-related finite life intangibles (pre-tax) | (34) | (22) | (25) | |||
Income tax (expense) benefit | 9 | 6 | 6 | |||
Transaction costs related to acquisitions (pre-tax) | — | — | (2) | |||
Income tax (expense) benefit | — | — | 1 | |||
Net earnings - common shareholders | $ | 151 | $ | 142 | $ | 112 |
Europe | ||||||
For the three months ended | ||||||
Mar. 31 2023 | Dec. 31 2022 | Mar. 31 2022 | ||||
Base earnings | $ | 178 | $ | 256 | $ | 176 |
Items excluded from base earnings | ||||||
Market experience gains and losses (pre-tax) | $ | (155) | $ | (268) | $ | 463 |
Income tax (expense) benefit | 16 | 6 | (75) | |||
Assumption changes and management actions (pre-tax) | 6 | (14) | (11) | |||
Income tax (expense) benefit | (1) | 7 | — | |||
Amortization of acquisition-related finite life intangibles (pre-tax) | (5) | (8) | (4) | |||
Income tax (expense) benefit | 1 | 1 | 1 | |||
Transaction costs related to acquisitions (pre-tax) | — | (5) | (6) | |||
Income tax (expense) benefit | — | — | — | |||
Net earnings - common shareholders | $ | 40 | $ | (25) | $ | 544 |
Capital and Risk Solutions | ||||||||||
For the three months ended | ||||||||||
Mar. 31 2023 | Dec. 31 2022 | Mar. 31 2022 | ||||||||
Base earnings | $ | 157 | $ | 181 | $ | 171 | ||||
Items excluded from base earnings | ||||||||||
Market experience gains and losses (pre-tax) | $ | 22 | $ | (201) | $ | 97 | ||||
Income tax (expense) benefit | 5 | 18 | (29) | |||||||
Assumption changes and management actions (pre-tax) | — | 5 | (5) | |||||||
Income tax (expense) benefit | — | — | — | |||||||
Net earnings - common shareholder | $ | 184 | $ | 3 | $ | 234 |
Lifeco Corporate | ||||||||||
For the three months ended | ||||||||||
Mar. 31 2023 | Dec. 31 2022 | Mar. 31 2022 | ||||||||
Base earnings (loss) | $ | (5) | $ | (18) | $ | (3) | ||||
Items excluded from base earnings (loss) | ||||||||||
Market experience gains and losses (pre-tax) | $ | (11) | $ | (2) | $ | 5 | ||||
Income tax (expense) benefit | 3 | — | (1) | |||||||
Net earnings (loss) - common shareholder | $ | (13) | $ | (20) | $ | 1 |
Assets under management (AUM) and assets under administration (AUA)
Assets under management and assets under administration are non-GAAP measures that provide an indicator of the size and volume of the Company's overall business. Administrative services are an important aspect of the overall business of the Company and should be considered when comparing volumes, size and trends.
Total assets under administration includes total assets per financial statements, proprietary mutual funds and institutional assets and other assets under administration.
Lifeco | ||||
Mar. 31 | Dec. 31 | |||
Total assets per financial statements | $ | 691,853 | $ | 672,206 |
Other AUM | 348,361 | 331,734 | ||
Total AUM | $ | 1,040,214 | $ | 1,003,940 |
Other AUA | 1,555,937 | 1,464,523 | ||
Total AUA | $ | 2,596,151 | $ | 2,468,463 |
NON-GAAP RATIOS
A non-GAAP ratio is a financial measure in the form of a ratio, fraction, percentage or similar representation that is not disclosed in the financial statements of the Company and has a non-GAAP financial measure as one or more of its components. These financial measures do not have a standardized definition under IFRS and might not be comparable to similar financial measures disclosed by other issuers.
The non-GAAP ratios disclosed by the Company each use base earnings (loss) as the non-GAAP component. Base earnings (loss) reflect management's view of the underlying business performance of the Company and provides an alternate measure to understand the underlying business performance compared to IFRS net earnings.
For more information:
Media Relations Contact: | Investor Relations Contact: |
Liz Kulyk | Deirdre Neary |
204-391-8515 | 647-328-2134 |
media.relations@canadalife.com | deirdre.neary@canadalife.com |
SOURCE Great-West Lifeco Inc.
Copyright 2023 Canada NewsWire
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