great-west lifeco
Toronto symbol GWO, is Canada’s largest insurance company. It also provides retirement planning and wealth management services.
GREAT-WEST LIFECO $32.20 (Toronto symbol GWO; Shares outstanding: 999.5 million; Market cap: $32.7 billion; TSINetwork Rating: Above Average; Yield: 3.8%; www.greatwestlifeco.com) is Canada’s largest insurance company. It also offers mutual funds and wealth management. Power Financial owns 68.1% of Great-West.
Excluding costs to integrate Irish Life, Great-West’s earnings per share rose 7.3% in the three months ended September 30, 2013, to $0.59 from $0.55 a year earlier. The company ended the quarter with $705.1 billion of assets under administration.
Earnings at the Canadian division (which supplies 56% of the total) rose 18.6%, as higher sales of personal insurance offset lower demand for group policies. The value of the assets this business administers also rose, which increased its wealth management fee income.
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Excluding costs to integrate Irish Life, Great-West’s earnings per share rose 7.3% in the three months ended September 30, 2013, to $0.59 from $0.55 a year earlier. The company ended the quarter with $705.1 billion of assets under administration.
Earnings at the Canadian division (which supplies 56% of the total) rose 18.6%, as higher sales of personal insurance offset lower demand for group policies. The value of the assets this business administers also rose, which increased its wealth management fee income.
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Great-West completed its $1.75-billion purchase of Irish Life Group, Ireland’s largest pension manager and life insurance provider, in July 2013. Great-West has a long history of operating in Ireland, which cuts this deal’s risk. Moreover, Irish Life is immediately adding to Great-West’s earnings.
GREAT-WEST LIFECO $32.20 (Toronto symbol GWO; Shares outstanding: 999.5 million; Market cap: $32.7 billion; TSINetwork Rating: Above Average; Yield: 3.8%; www.greatwestlifeco.com) is Canada’s largest insurance company....
GREAT-WEST LIFECO $32.20 (Toronto symbol GWO; Shares outstanding: 999.5 million; Market cap: $32.7 billion; TSINetwork Rating: Above Average; Yield: 3.8%; www.greatwestlifeco.com) is Canada’s largest insurance company....
GREAT-WEST LIFECO INC. $32 (Toronto symbol GWO; Conservative Growth Portfolio, Finance sector; Shares outstanding: 1.0 billion; Market cap: $32.0 billion; Price-to-sales ratio: 1.3; Dividend Yield: 3.8%; TSINetwork Rating: Above Average; www.greatwestlifeco.com) is one of Canada’s largest insurance companies, with $705.1 billion of assets under administration. It also sells mutual funds and retirement planning and wealth management services. Power Financial (Toronto symbol PFC) owns 68.1% of Great-West.
In July 2013, the company completed its $1.75- billion purchase of Irish Life Group, Ireland’s largest pension manager and life insurance provider.
If you exclude costs to integrate Irish Life, Great-West would have earned $583 million in the three months ended September 30, 2013. That includes $41 million from Irish Life. This new business should contribute $215 million to Great- West’s annual earnings by the end of 2014.
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In July 2013, the company completed its $1.75- billion purchase of Irish Life Group, Ireland’s largest pension manager and life insurance provider.
If you exclude costs to integrate Irish Life, Great-West would have earned $583 million in the three months ended September 30, 2013. That includes $41 million from Irish Life. This new business should contribute $215 million to Great- West’s annual earnings by the end of 2014.
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We continue to recommend that all investors aim to own two or more of Canada’s big five banks. In addition, conservative investors should diversify their Finance-sector holdings with Great-West and IGM. Investors who can accept more risk may also want to consider Home Capital (see box).
GREAT-WEST LIFECO INC....
GREAT-WEST LIFECO INC....
PENGROWTH ENERGY $6.57 (Toronto symbol PGF; Shares outstanding: 517.7 million; Market cap: $3.4 billion; TSINetwork Rating: Average; Dividend yield: 7.3%; www.pengrowth.com) has gained over 31% since early July 2013. That’s mainly because the company has successfully completed its plan to sell some of its less important oil and gas properties in Western Canada.
The cash from these sales will help Pengrowth speed up the development of its Lindbergh oil sands project in Alberta....
The cash from these sales will help Pengrowth speed up the development of its Lindbergh oil sands project in Alberta....
GREAT-WEST LIFECO INC. $30 (Toronto symbol GWO; Conservative Growth Portfolio, Finance sector; Shares outstanding: 1.1 billion; Market cap: $33.0 billion; Price-to-sales ratio: 1.1; Dividend yield: 4.1%; TSINetwork Rating: Above Average; www.greatwestlifeco.com) earned $521 million in the three months ended June 30, 2013, up 6.8% from $488 million a year earlier. Due to fewer shares outstanding, earnings per share rose 7.8%, to $0.55 from $0.51. The company ended the quarter with $595.7 billion of assets under administration, up 13.8% from $523.5 billion a year earlier.
Demand for insurance and wealth management services rose in Canada (53% of earnings) and Europe (33%). However, higher salaries and other costs increased losses at its Putnam mutual fund business at its U.S. division (14%).
On July 18, 2013, Great-West completed its $1.75-billion purchase of Irish Life Group, Ireland’s largest pension manager and life insurance provider, with $50 billion of assets under management. The purchase should add $0.10 a share to Great-West’s 2014 earnings.
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Demand for insurance and wealth management services rose in Canada (53% of earnings) and Europe (33%). However, higher salaries and other costs increased losses at its Putnam mutual fund business at its U.S. division (14%).
On July 18, 2013, Great-West completed its $1.75-billion purchase of Irish Life Group, Ireland’s largest pension manager and life insurance provider, with $50 billion of assets under management. The purchase should add $0.10 a share to Great-West’s 2014 earnings.
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GREAT-WEST LIFECO INC. $30 (Toronto symbol GWO; Conservative Growth Portfolio, Finance sector; Shares outstanding: 1.1 billion; Market cap: $33.0 billion; Price-to-sales ratio: 1.1; Dividend yield: 4.1%; TSINetwork Rating: Above Average; www.greatwestlifeco.com) earned $521 million in the three months ended June 30, 2013, up 6.8% from $488 million a year earlier....
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.
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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.
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Great-West just closed its $1.75-billion purchase of Irish Life Group, Ireland’s largest pension manager and life insurance provider, with one million clients and $50 billion of assets under management. Great-West has a long history of operating in Ireland, which cuts this deal’s risk....
GREAT-WEST LIFECO INC. $31 (Toronto symbol GWO; Conservative Growth Portfolio, Finance sector; Shares outstanding: 951.4 million; Market cap: $29.5 billion; Price-to-sales ratio: 1.0; Dividend Yield: 4.0%; TSINetwork Rating: Above Average; www.greatwestlifeco.com) is Canada’s second-largest insurance company after Manulife, with $581.9 billion of assets under administration. It also sells mutual funds and retirement planning and wealth management services. Power Financial (Toronto symbol PFC) owns 68.2% of Great-West.
The company expects to complete its $1.75- billion purchase of Irish Life Group in the next few weeks. This business is Ireland’s largest pension manager and life insurance provider.
Meanwhile, Great-West continues to benefit from rising equity markets, which have raised the value of the assets it manages. Mutual fund sales at U.S. subsidiary Putnam Investments are also improving.
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The company expects to complete its $1.75- billion purchase of Irish Life Group in the next few weeks. This business is Ireland’s largest pension manager and life insurance provider.
Meanwhile, Great-West continues to benefit from rising equity markets, which have raised the value of the assets it manages. Mutual fund sales at U.S. subsidiary Putnam Investments are also improving.
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