Great-West Lifeco reports record base earnings in the second quarter of 2024

The Great West Life Eco Inc.'s settlement news release will be considered and analyzed by our management team created in accordance with the international financial reporting standards (IFRS) issued by the International Accounting Standards Council unless otherwise refused. Please read in conjunction with (MD & Amp; A) and consolidated financial statements for the period ending on June 30, 2024. These reports are available from GreatwestlifeCo. com's Financial Report. Additional information related to GREAT-WEST LIFECO is available on sedarplus. com. Please refer to the notes on "Future prediction information" and "No n-GAAP financial indicators and ratio" at the end of this release. Unless otherwise refused, all numbers are displayed in a million Canadian dollars.

• The basic profit is $ 1, 038 million ($ 1. 11 per share) to 13%from the second quarter of 2023.
• Net income from the continuous business is $ 1. 05 billion, $ 1. 08 per share, up 77 % yea r-o n-year
• Basic ROE is 17. 2%, and ROE from continuous business is 16. 2%.
• Licat ratio is 130
• The book value per share increased 9 % yea r-o n-year to $ 25. 36

Great West Lifeco Ink (hereinafter "Lifeco") announced today in the second quarter of 2024.

"Our powerful momentum is supported by a franchise that leads the market that intensively and disciplined growth strategies, and said, Paul Mahon, President and CEO of Great West Lifco: "We have made efforts for our customers and have continued to be sustainable and profitable for shareholders, and we have been able to update the highest profit for the fourth consecutive quarter. "In the United States, we have been announced in 2023, exceeding the growth forecasts, which were r e-examined in 2024, and are executing our aspirations. The US sector will be the largest profit this year, but our lon g-term our lon g-term. We continue to move forward with our entire portfolio to enhance and support the success. Please read in conjunction with our management examinations and analysis (MD & amp; a), which were created in accordance with the International Financial Report Standards (IFRS), and consolidated financial statements that ended on June 30, 2024. These reports are available from GreatwestlifeCo. com's Financial Report. Additional information related to GREAT-WEST LIFECO is available on sedarplus. com. Please refer to the notes on "Future prediction information" and "No n-GAAP financial indicators and ratio" at the end of this release. Unless otherwise refused, all numbers are displayed in a million Canadian dollars.

Key Financial Highlights

The basic profit is $ 1, 038 million ($ 1. 11 per share) to 13%from the second quarter of 2023.

Net income from the continuous business is $ 1. 05 billion, $ 1. 08 per share, up 77 % yea r-o n-year

Basic ROE is 17. 2%, and ROE from continuous business is 16. 2%.

Highlights

• Licat ratio is 130
  • The book value per share increased 9 % yea r-o n-year to $ 25. 36
  • Great West Lifeco Ink (hereinafter "Lifeco") announced today in the second quarter of 2024.
  • "Our powerful momentum is supported by a franchise that leads the market that intensively and disciplined growth strategies, and said, Paul Mahon, President and CEO of Great West Lifco: "We have made efforts for our customers and have continued to be sustainable and profitable for shareholders, and we have been able to update the highest profit for the fourth consecutive quarter. "In the United States, we have been announced in 2023, exceeding the growth forecasts, which were r e-examined in 2024, and are executing our aspirations. The US sector will be the largest profit this year, but our lon g-term our lon g-term. We continue to move forward with our entire portfolio to strengthen and support the success. Please read in conjunction with our management examinations and analysis (MD & amp; a) and consolidated financial statements for the period ended on June 30, 2024. These reports are available from GreatwestlifeCo. com's Financial Report. Additional information related to GREAT-WEST LIFECO is available on sedarplus. com. Please refer to the notes on "Future prediction information" and "No n-GAAP financial indicators and ratio" at the end of this release. Unless otherwise refused, all numbers are displayed in a million Canadian dollars.
  • The basic profit is $ 1, 038 million ($ 1. 11 per share) to 13%from the second quarter of 2023.
  • Net income from the continuous business is $ 1. 05 billion, $ 1. 08 per share, up 77 % yea r-o n-year
  • Basic ROE is 17. 2%, and ROE from continuous business is 16. 2%.
  • Licat ratio is 130
  • The book value per share increased 9 % yea r-o n-year to $ 25. 36
  • Great West Lifeco Ink (hereinafter "Lifeco") announced today in the second quarter of 2024.
  • "Our powerful momentum is supported by a franchise that leads the market that intensively and disciplined growth strategies, and said, Paul Mahon, President and CEO of Great West Lifco: "We have made efforts for our customers and have continued to be sustainable and profitable for shareholders, and we have been able to update the highest profit for the fourth consecutive quarter. "In the United States, we have been announced in 2023, exceeding the growth forecasts, which were r e-examined in 2024, and are executing our aspirations. The US sector will be the largest profit this year, but our lon g-term our lon g-term. We continue to move forward with the entire portfolio to strengthen and support success.
  • 1 This is a non-GAAP financial measure. Please refer to the Non-GAAP Financial Measures and Ratios section of this presentation for further information. 2 Basis EPS and Basis Return on Equity are non-GAAP ratios. Please refer to the Non-GAAP Financial Measures and Ratios section of this presentation for further information. 3 Basis Return on Equity and Basis Return on Equity from Continuing Operations are calculated using applicable earnings and common shareholders' equity for the four most recent quarters. 4 The Global Minimum Tax Act will become effective in Canada on June 20, 2024 and will be retroactive to January 1, 2024. As a result, the comparative results for Basis Earnings and Items Excluded from Basis Earnings for the first quarter of fiscal year 2024 are presented on a "pro forma" basis as if the Act had been enacted in the first quarter of fiscal year 2024. This was driven by higher pre-tax profits across all segments due to favorable Group performance in Canada and Europe, higher net fee income due to rising equity markets, realization of expense synergies, organic business growth and higher retained earnings due to rising interest rates. These items were partially offset by lower credit-related impacts and spread income in the U. S., weaker performance in the U. S. traditional life insurance business and higher effective tax rates in Europe and Capital & Risk Solutions due to the implementation of the Global Minimum Tax (GMT).
  • Net income from continuing operations was $1, 005 million ($1. 08 per common share) compared with $569 million in the same period last year, reflecting improved market performance due to interest rate movements, improved asset performance in non-fixed income and lower expenses related to business transformation activities, primarily in Europe and Empower. The second quarter of 2023 included a realized OCI loss of $121 million due to asset rebalancing in the Europe segment, which did not repeat.
  • Record underlying earnings for the fourth consecutive quarter:
  • All segments experienced solid underlying earnings growth.
    • Both underlying earnings and net income exceeded $1 billion.
    • Based ROE at the high end of our mid-term target range.

    Strong regulatory capital levels continue to provide significant flexibility.

    SEGMENTED OPERATING RESULTS

    Strong AUA5 growth of 40% in Canada and 16% in Europe compared to last year

    In Canada, the integration of our recent acquisitions Investment Planning Counsel (IPC) and Value Partners continued to progress, resulting in net asset inflows of $250 million in 2024.

    CANADA

    • In Europe, we achieved our sixth consecutive quarter of growth across all value drivers, with increased savings, pensions and investment-only flows, and continued growth in wealth management sales.

    UNITED STATES

    • At Empower, we saw strong performance in DC AUA, up 13% and Personal Wealth AUA up 21% year-over-year.

    EUROPE

    • In the US, we continued to see double-digit earnings growth of 19%, in line with our 2023 target.

    CAPITAL AND RISK SOLUTIONS

    • Strong revenue growth led to US segment basic ROE increasing 1. 9% year-over-year, and ROE from continuing operations increasing 2. 9%.

    QUARTERLY DIVIDENDS

    The integration of Prudential was completed in 2Q24. Retention targets were exceeded and expected pre-tax run-rate cost synergies of USD 180 million were achieved.

    Empower's performance is driven by market performance and positive net flows in Personal Wealth.

    Strong organic growth, including recent success in the public sector and large, large and not-for-profit (LMN) DC markets.

    Sound investment decisions driving long-term value creation

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    5 This is a non-GAAP financial measure. Please see "Non-GAAP Financial Measures and Ratios" later in this document for further information. 6 Based on the U. S. segment as a percentage of underlying revenue in 2024, assuming U. S. segment underlying revenue grows 15-20% versus the 2023 comparative period in accordance with the targets stated for 2023.

    For reporting purposes, LifeCo's consolidated operating results are classified into five reportable segments, reflecting the Company's management and corporate structure: Canada, United States, Europe, Capital Risk Solutions and LifeCo Corporate. Please refer to the Company's second quarter 2024 interim Management Discussion and Analysis (MD& A) for further details.

    7 This is a non-GAAP financial measure. See "Non-GAAP Financial Measures and Ratios" later in this document for further information. 8 The Global Minimum Tax Act became effective in Canada on June 20, 2024 and is retroactive to January 1, 2024. As a result, comparative results for underlying earnings and items excluded from underlying earnings for Europe and Capital Solutions for the first quarter of 2024 are presented on a "pro forma" basis as if the Act had been enacted in the first quarter of 2024.

    Second quarter underlying earnings for Canadian operations were $322 million and net earnings were $335 million - Underlying earnings of $322 million increased $39 million, or 14%, from the same period last year. This reflects strong performance and organic growth in long-term disability and health benefits in Workplace Solutions, higher net fee and spread income driven in part by the addition of IPC and Value Partners, and favorable tax impacts in the quarter. These items were partially offset by higher operating expenses driven by business expansion. US$236 млн ($324 млн), чистая приб - US$200 ($274) - US$236 лн увеличилась на US$38 млн, или 19%, по сравнению со вторым 2023 кварталом 2023 $29 ($40) $29 ($40) по коммерческим ипотечным кредитам и снижением дохода от спредов. 22 млн долларов США (30 млн долларов США), относящуюся к прибыли Prudential, и 9 12 млн долларов США) дивидендов по акциям Franklin Templeton. ая прибыль на $26 млн, или на 14%, по сравнению с аналогичным кварталом прошлого года, в основном благодаря благоприятному групповому опыту в Великобритании, более высоким CSM слабым опытом по медицинским претензиям в Ирландии и более GMT.

    The basic income of the second quarter capital and risk solution business is $ 19 billion, the net income is $ 1. 5. 5 billio n-Structur e-increased growth and the increase in net investment profits will deteriorate the US traditional life insurance business and the GMT. Basic interests decreased by $ 13 million (6%) from the same period of the previous year, due to the increase in taxes that reflect the impact. Except for $ 24 million in GMT, basic profits increased by 5%from the same period of the previous year.

    The Board of Directors has approved a quarter of a quarter of per share per share per share per share, paid on September 27, 2024 to shareholders recorded on the shareholder list at the end of the business on August 30, 2024. 。

    In addition, the Board of Directors approved the quarterly dividends for LifeCo's priority shares:

    Firs t-priority stock

    Amount, per share

    Under the Income Tax Law (Canada) and similar state law, the above dividends are qualified dividends.

    Lifeco's second quarter conferences and audio webcasts will be held on August 7, 2024 (Wednesday) at 8:30 am (Eastern the United States).

    This telephone conference and webcast include the 2nd quarter of 2024-Celebration and webcasts (GreatwestlifeCo. com), or 1-844-763-8274 (toll dial) or 1-647-484-8814 (overseas (overseas) It can be accessed from participants).

    After the event, the replay of the telecommodations calls the company's website or 1-855-669-9658 (Canada Free Dial) or 1-877-344-7529 (USA toll dial) to the access code "9198078". You can see it using.

    Attach a part of the financial information.

    Great West Lifco

    Great West Lifeco is an international financial service holding company headquartered in Canada, where life insurance, medical insurance, retirement and investment services, asset management, and r e-insurance business. We are developing business under Canada life, Empower, and Irish Life brands in Canada, the United States, and Europe. As of the beginning of 2024, the number of employees is more than 32, 250, the number of advisors is 106, 000, the number of sales partners is thousands, and about 40 million customers are provided.

    The Great West Lifeco is traded by the Toronto Stock Exchange (TSX) at the Ticker Symbol GWO and is a member of the Power Corporation Group. See GreatwestlifeCo. com for details.

    For more information:

    The basis of the presentation

    LifeCo's condensed consolidated interim unaudited financial statements for the period ended June 30, 2024 have been prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted and form the basis for the figures set out in this release.

    The Standards People

    Underlying profit for the first quarter of 2024 is presented on a "pro forma" basis, assuming a global minimum tax regime had been enacted in Canada in the first quarter of 2024. Underlying profit for the Europe and Capital & Risk Solutions segments, as well as at the LifeCo consolidated level, is presented on this basis. Please see the "Tax" section of the MD& A for the period ended June 30, 2024 for further information.

    Cautionary Note Regarding Forward-Looking Information This release contains forward-looking information. Forward-looking information includes statements that are predictive in nature, statements that depend on or refer to future events or circumstances, and words such as "will," "may," "expect," "anticipate," "intend," "plan," "believe," "estimate," "target," "potential," and other similar expressions or the negative versions of such words. Forward-looking information includes, but is not limited to, statements regarding the Company and its business, operations (including business mix), financial condition, expected financial performance (including revenues, earnings or growth rates, mid-term financial and underlying earnings targets for the Empower business), the expected earnings contribution, strategy and outlook for the Company's U. S. segment, expected costs, and other forward-looking statements. business mix, business strategy and prospects, expected costs and benefits from acquisitions and divestitures (including the timing of integration activities and the timing and extent of revenue and cost synergies), expected expenditures or investments (including, but not limited to, investments in technology infrastructure, digital capabilities and solutions and investments in strategic partnerships), expected utilization of restructuring reserves, realization of value creation and growth opportunities, expected dividend levels, expected cost reductions and savings, expected capital management activities and uses of capital, estimates of risk sensitivities affecting capital ratios, expected global economic conditions, and t.

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    The description of the future outlook is based on expectations, forecasts, forecasts, and conclusions regarding future events at that time, and the financial service industry, which includes our economic factors, insurance, mutual funds, and retirement solutions. It essentially contains risks, uncertainty, assumptions, etc. in general. Note that these do not guarantee future performance, and that actual events and results may be significantly different from what is explicitly or implied by the description of the future outlook. Many of these assumptions are based on factors and events that cannot be controlled by the Company, and there is no guarantee that they are correct. In particular, in setting the goal of setting the basic revenue growth rate of the Empower business to 15 to 20%in 2024, the management team will generate $ 20 million in the U. S. -yea r-old revenue synergies related to the acquisition of Prudential by the end of 2024. The performance of the stock market, the interest rate market, and the credit market during the period is assumed that the current market information is in mind, and it is assumed to be consistent with the expectations of management assuming that credit impairment will not occur. In the case of the company's potential exposure to the second pillar corporation tax and the company's expectations on the effects of effective tax rates and basic interests, management relies on the interpretation of the related tax system. < SPAN> The description of the future outlook is based on expectations, forecasts, forecasts, and conclusions regarding future events at that time, including the company, economic factors, insurance, mutual funds, and retirement solutions. It is essentially incorporating risks, uncertainty, assumptions, etc. regarding the financial service industry in general. Note that these do not guarantee future performance, and that actual events and results may be significantly different from what is explicitly or implied by the description of the future outlook. Many of these assumptions are based on factors and events that cannot be controlled by the Company, and there is no guarantee that they are correct. In particular, in setting the goal of setting the basic revenue growth rate of the Empower business to 15 to 20%in 2024, the management team will generate $ 20 million in the U. S. -yea r-old revenue synergies related to the acquisition of Prudential by the end of 2024. The performance of the stock market, the interest rate market, and the credit market during the period is assumed that the current market information is in mind, and it is consistent with the expectations of management assuming that credit impairment will not occur. In the case of the company's potential exposure to the second pillar corporation tax and the company's expectations on the effects of effective tax rates and basic interests, management relies on the interpretation of the related tax system. The description of the future outlook is based on expectations, forecasts, forecasts, and conclusions regarding future events at that time, and the financial service industry, which includes our economic factors, insurance, mutual funds, and retirement solutions. It essentially contains risks, uncertainty, assumptions, etc. in general. Note that these do not guarantee future performance, and that actual events and results may be significantly different from what is explicitly or implied by the description of the future outlook. Many of these assumptions are based on factors and events that we cannot control, and there is no guarantee that they are correct. In particular, in setting the goal of setting the basic revenue growth rate of the Empower business to 15 to 20%in 2024, the management team will generate $ 20 million in the U. S. -yea r-old revenue synergies related to the acquisition of Prudential by the end of 2024. The performance of the stock market, the interest rate market, and the credit market during the period is assumed that the current market information is in mind, and it is assumed to be consistent with the expectations of management assuming that credit impairment will not occur. In the case of the company's potential exposure to the second pillar corporation tax and the company's expectations on the effects of effective tax rates and basic interests, management relies on the interpretation of related tax systems.

    Cautionary Note Regarding Forward-Looking Information The list of assumptions and factors mentioned above is not perfect, and our 202 3-year edition MD & amp; A's "risk management and control compartments" and "important accounting quotes", and February 2024. There may be other factors described in other documents to securities regulatory authorities, including the factors described in the "risk factors" in the annual information form on the 14th, along with other submitted documents. , Www. Sedarplus. com. Also, be careful not to trust the readers carefully about these and other factors, other factors, and potential events, and do not excessively trust the future outlook.

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    Cautionary Note Regarding Forward-Looking Information This release includes a non-GAAP ratio defined in the financial indicators (GAAP) that are generally deemed to be fairly valid and the US Standards 52-112 "Disclosure of Non-GAAP and Other Financial Indicators". Masu. The terms indicating no n-GAA P-based financial indicators include "reference profit (loss)", "reference profit (loss)", "standard profit: Results of insurance services", "Standard profit: Results of pure investment" It contains "assets" and "management assets", but not limited to these. Non-GAAP-based financial indicators and financial ratios include "referral profit per share (EPS)", "standard shareholder capital profit ratio (ROE)", "reference tax rate-standard interest-normal "Shareholders are included, but they are not limited to these. No n-GAA P-based financial indicators and financial ratios are used to provide additional indicators that are useful for management and investors to evaluate business performance if there is no one comparable to GAAP (IFRS) -based financial indicators. It will be. However, no n-GAA P-based financial indicators and ratios have no standard meaning specified by GAAP (IFRS), and cannot be directly compared with similar indicators used by other companies. For the appropriate adjustments to the indicators prescribed in the GAAP financial indicators GAAP, and the addition of each indicator and ratio, please refer to the "No n-GAAP Financial Index and Ratio" section.

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    Press Release: Great-West Lifeco reports record base earnings in the first quarter of Dow Jones·05/01/ Please log in to view news. Great-West Lifeco reports record base earnings in the first quarter of glfe.info - Wed May This earnings news release for Great-West Lifeco Inc. Contribution to adjusted net earnings from continuing operations from the publicly traded operating companies was $ million in the second.