GREAT-WEST LIFECO $30.31 (Toronto symbol GWO; Shares outstanding: 951.5 million; Market cap: $29.0 billion; TSINetwork Rating: Above Average; Yield: 4.1%; www.greatwestlifeco.com) is Canada’s largest insurance company. It also offers mutual funds, retirement planning and wealth management. Power Financial owns 68.2% of Great-West.
In the quarter ended June 30, 2013, earnings rose 6.8%, to $521 million, or $0.55 a share, from $488 million, or $0.51, a year ago. On June 30, Great-West had $596.0 billion of assets under administration.
Earnings from the Canadian division, which supplies 54% of the total, rose 11.1%. Stronger sales of group policies offset lower demand for individual insurance. As well, the value of the assets this division manages rose, which pushed up its fee income.
The company’s European division (33% of the total) saw its earnings rise 11.9%. The U.S. division (13% of earnings) is still seeing strong demand for retirement services and individual policies. However, this division’s Putnam mutual fund business had a higher loss. As a result, Great-West’s U.S. earnings fell 14.1% in the quarter.
The stock trades at just 14.2 times Great-West’s likely 2013 earnings of $2.14 a share, excluding any contribution from Irish Life.
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