Acquisition boosts Great-West Lifeco’s results

Great-West Lifeco’s first-quarter earnings rose 13.5% to $587 million.

That’s partly due to the acquisition of Irish Life.

Total company sales were up across the board: Canada sales were $3.2 billion, up 6%; Europe insurance and annuities sales were $3.5 billion, up 265%, including sales of $2.6 billion from Irish Life; Putnam sales were US$9.1 billion, up 23%, driven by an increase in mutual fund sales of US$2.7 billion (which were at their highest level since the first quarter of 2003); and Great-West Financial sales were US$2.9 billion, up 16%.

Great-West Lifeco has operations in Canada, the United States, Europe and Asia through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments.

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