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Net income decreased to Great-West



9 February 2018 11:30

Photo : Freepik

Great-West Lifeco recorded a decrease in net income attributed to shareholders for the fourth quarter of 2017 and for the fiscal year 2017 due to the tax reform american. This net charge, which amounted to 216 million dollars (M$), is part of the reasons why the net profit has increased from 676 Million during the fourth quarter of 2016 to$ 392 Million, and $ 2.6 billion (G$) in 2016 to$ 2.1 billion for the year 2017. Had it not been for this non-recurring expense, net earnings would have increased 5 %, as Great-West refers to under the heading «adjusted net income» in its financial statements.

In Canada, net income increased by$ 12 Million in the fourth quarter of 2017 to be $ 338 M$. It went from$ 1.2 billion for 2016,$ 1.1 billion in 2017.

Results of subscriptions up to the group

In addition, sales were up 13% in the fourth quarter for the group, amounting to 30.3 G$ relative to$ 26.7 billion for the corresponding period in 2016. In 2017, these fall to € 117.2 G$ 130,3 G$ in 2016.

In Canada, subscriptions have also dropped in the fourth quarter, from almost$ 3.9 billion to nearly$ 3.8 billion. They have, however, increased during the year 2017 to reach$ 13.6 billion compared to 12.9 B$ in the prior year.

If subscriptions for the individual products were slightly down in the fourth quarter, from 2.65 G$ in 2016 at 2.53 G$ by 2017, subscriptions in class have increased, from 1.22 billion from$ 1.24 Billion$. For the year, both sectors have experienced an increase, the individual products were $ 9,72 G$ against 9,08 G$ and the group product 13,61 G$ against 12,93 G$.

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