Great-West Lifeco Inc. (TSX:GWO) has reported a 31 per cent increase in net earnings in the third quarter, partly on lower restructuring and acquisition charges related to its purchase of Irish Life.
Great-West said Thursday that net income attributable to common shareholders in the latest period was $687 million or 69 cents per diluted share compared with $523 million or 52 cents in the same 2013 period.
Total revenue, which includes net premium income, net investment income and fees was $8.45 billion, up from $7.2 billion, the Winnipeg-based insurance and wealth management company said.
Net earnings in the third quarter of 2014 included $6 million in costs related to the ongoing integration of Irish Life, compared with a $60-million charge in the 2013 period.
Excluding these amounts, the year over year growth in net earnings was 19 per cent, Great-West said.
In Canada, net earnings attributable to common shareholders were $330 million, down one per cent from $332 million in the prior-year period, while U.S. net earnings were $107 million, up from $76 million. European net earnings were $259 million compared with $129 million a year ago, a period that included much higher charges related to Irish Life.
Consolidated assets under administration grew to more than $1 trillion at the end of September, up from $758 billion on Dec. 31, 2013, driven by the addition of $197 billion with the completion of the acquisition of the J.P. Morgan Retirement Plan Services large-market record keeping business.
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