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Canadian financial services firm Great-West Lifeco's Q3 base EPS rises on strength in retirement, wealth businesses

By Reuters News


Overview

  • Canada financial services firm's Q3 base EPS rose 11%

  • Net EPS for Q3 increased 2%

  • Company repurchased C$340 mln of common shares and closed Milliman US acquisition


Outlook

  • Company did not provide specific financial guidance for the current qtr or full yr in the press release


Result Drivers

  • RETIREMENT AND WEALTH GROWTH - Co said continued momentum in Retirement and Wealth businesses, led by Empower, drove double-digit base EPS growth

  • CAPITAL SOLUTIONS DEMAND - Co said sustained demand for Capital Solutions drove 19% yr-over-yr growth in CRS run-rate insurance results


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Base EPS

C$1.48

Q3 Net Income

C$1.14 bln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"

  • The average consensus recommendation for the life & health insurance peer group is "buy"

  • Wall Street's median 12-month price target for Great-West Lifeco Inc is C$96.00, about 3.8% above its November 3 closing price of C$92.53

  • The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 15 three months ago


Reuters Recommended Reads

  • Nov 3 - Canada's Fairfax Financial Q3 net earnings fall on investment losses

  • Nov 3 - Canadian insurer Intact Financial Q3 adj EPS misses estimates

  • Nov 3 - AIG Q3 net premiums written rise on commercial, personal insurance growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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