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 Annual Financial Statements for the period ended December 31, 2022, 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.comOpens a new website in a new window. 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.
Winnipeg, February 8, 2023 … Great-West Lifeco Inc. (Lifeco or the Company) today announced its fourth quarter 2022 results. Net earnings of $1,026 million and base earnings1 of $892 million were up from $765 million and $825 million in the fourth quarter of 2021, respectively.
“Great-West Lifeco’s fourth quarter performance was strong against a backdrop of continuing macroeconomic instability. Each of our businesses continued to deliver on their commitments to stakeholders, while making progress against strategic priorities including Empower’s integration activities in the United States,” said Paul Mahon, President and CEO of Great-West Lifeco. “We are pleased with our top-line and bottom-line momentum supported by effective risk management and disciplined capital allocation across our diversified businesses. Given our strong momentum and results, we have increased our common shareholder dividend by 6%.”
Key Financial Highlights
Although the pace of interest rate increases slowed in the fourth quarter, interest rates continued to increase generally in response by central banks to elevated, broad based levels of inflation which are impacting business and consumer confidence. Equity markets remain volatile, ending higher than September 30, 2022 levels; however, relative