Q1 2025 Great-West Lifeco Inc Earnings Call Transcript
Key Points
- Great-West Lifeco Inc (GWLIF) reported a 5% increase in base earnings, exceeding $1 billion for the quarter.
- Base EPS rose by 6% to $1.11, and base ROE reached 17.2%, up 20 basis points from the previous year.
- The company's wealth and retirement businesses delivered double-digit growth in base earnings.
- Empower, a subsidiary of Great-West Lifeco Inc, achieved net inflows of $5.2 billion in its retirement business and $2.8 billion in its wealth business.
- The company's financial position remains strong with a solid balance sheet, a healthy Lifeco ratio, and a comfortable leverage ratio.
- The quarter was impacted by unfavorable mortality experience, resulting in a $30 million pre-tax impact.
- A claims provision of $21 million after tax was established due to the California wildfires.
- There were write-downs of three US commercial mortgage loans totaling $45 million after tax.
- The company's earnings on surplus were lower due to falling short-term interest rates in Canada.
- Seasonality and higher marketing expenses in the first quarter impacted the company's reported earnings growth.
Thank you for standing by. This is the conference operator. Welcome to the Great-West Lifeco first quarter 2025 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to Mr. Shubha Khan, Vice President -- sorry, Senior Vice President and Head of Investor Relations at Great-West Lifeco. Please go ahead.
Thank you, operator. Hello, everyone, and thank you for joining the call to discuss our first quarter financial results. Before we start, please note that a link to our live webcast and materials for this call have been posted on our website at greatwestlifeco.com under the Investor Relations tab.
Turning to slide 2. I'd like to draw your attention to the cautionary language regarding the use of forward-looking statements, which form part of today's remarks. And please refer to the appendix for a note on the use of non-IFRS
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