Great-West Life has reported its financial results for the second quarter of 2014.
The insurer's net earnings attributable to common shareholders were up by 18% at $615 million or $0.616 per common share for the three months ending June 30, 2014 compared to $521 million or $0.548 per common share for the same period in 2013. Great West points out that net earnings for the second quarter of 2014 include $8 million of restructuring costs related to its acquisition of Irish Life in 2013. Excluding these costs, earnings per common share were $0.624.
In Canada, the net earnings attributable to its Great-West Life, London Life and Canada Life businesses in the second quarter were $304 million, an increase of 8% compared to the same period in 2013. For the first six months of 2014, Canadian net earnings attributable to common shareholders were $598 million compared to $546 million for the same period in 2013.
Great West says that total sales for Canadian operations in the second quarter of 2014 were $2.9 billion, up from $2.5 billion in the second quarter of 2013. "This reflects strong growth in individual insurance sales of 16% and wealth management sales of 15%, partially offset by lower group insurance sales," reports the insurer. "Total sales for the six months ended June 30, 2014 were $6.1 billion compared to $5.6 billion in 2013."