Insurer Great-West Lifeco reports first-quarter profit up from year ago

WINNIPEG – Great-West Lifeco Inc. (TSX:GWO) said Thursday it earned $517 million in its latest quarter, up from $449 million a year ago.

The insurance company said the profit amounted to 54 cents per share for the quarter ended March 31 compared with a profit of 47 cents per share a year ago.

Total net premiums for the quarter were $4.58 billion, up from $4.53 billion a year ago, while total net investment income grew to $1.83 billion, up from $1.25 billion.

Fee and other income was $778 million, up from $724 million.

The company also announced a number of executive changes, including president and chief executive Allen Loney’s plans to retire.

He will be replaced by Paul Mahon, who has been serving as president and chief operating officer, Canada of Great-West Life, London Life and Canada Life.

Mahon will be replaced by Dave Johnston, an executive vice-president in the company’s group division.

Raymond McFeetors also stepped down as chairman of the company.

McFeetors, who will continue to serve as a director, was replaced by Jeffrey Orr, a director since 2002 and president and chief executive of Power Financial Corp.

Great-West has operations in Canada, the United States, Europe and Asia under the Great-West Life Assurance, London Life Insurance, Canada Life Assurance, Great-West Life and Annuity Insurance and Putnam Investments banners.