Canada Life Re’s base earnings up 14% in H1’24

Canada Life Reinsurance, a provider of reinsurance solutions for life and health, has reported its results for the first half of 2024, showing a 14% increase in base earnings compared to the same period last year.

Canada Life Re is a division of The Canada Life Assurance Company, which is a subsidiary of Great-West Lifeco Inc.

Jeff Poulin, CEO of Canada Life Re, commented, “Another great quarter for Canada Life Reinsurance, with base earnings growth of 14% in the first half of the year vs last year before the effect of the Global Minimum Tax! Our mortality was slightly elevated in Q2 but the structure earnings growth continues. Thank you to our clients and to our team who keep providing great services.”

Great-West Lifeco also announced its H1’24 results, highlighting a rise in base earnings to CAD 2.02 billion.

Net earnings from continuing operations increased significantly, from CAD 1.18 billion in H1’23 to CAD 2.04 billion in H1’24. Additionally, net earnings grew from CAD 1.09 billion to CAD 1.97 billion.

Paul Mahon, President and CEO of Great-West Lifeco, stated, “Our strong momentum is supported by market-leading franchises with focused and disciplined execution of their growth strategies. As we work to deliver for our customers, we continue to drive sustainable and profitable growth for our shareholders, leading to a fourth consecutive quarter of record base earnings.”

He added, “We are executing against our ambitions in the U.S., surpassing the growth expectations we shared in 2023 and reiterated for 2024. While our U.S. segment is on course to become our largest by earnings this year, we continue to make progress across our portfolio of companies to strengthen and support our long-term success.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.