Staff
Great-West Life had more than $1 trillion in assets under administration at the end of the third quarter.
The increase was driven by the addition of $197 billion in assets due to the acquisition of J.P. Morgan Retirement Plan Services’ large-market recordkeeping business.
The company also reported a 31% jump in earnings, which rose to $687 million.
Read: Great-West to acquire J.P. Morgan Retirement Plan Services
Total company sales were $21.3 billion, up 28% compared to the same period in 2013:
- Canada sales were $2.7 billion, up 15%, reflecting strong growth in insurance sales which were up 32% and wealth management sales which were up 13%
- Europe insurance and annuities sales were $2.9 billion, down 12%, primarily as a result of lower U.K. payout annuity sales and lower Ireland fund management sales;
- Putnam sales were US$8.2 billion, down 2% overall. Institutional sales increased by 5%, and mutual fund sales, while slightly lower year over year, remained very strong; and
- Great-West Financial sales were US$6.2 billion, up 180%, reflecting one large retirement services plan sale for US$3.2 billion and a 147% increase in individual markets’ sales.
Read: Great-West Life acquires PDAssure
Lifeco premiums and deposits during the quarter were $20.2 billion, up 1% from a year ago, reflecting continued strong sales and persistency in Canada and the U.S., offset by lower sales in Europe.
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