The following is a summary of the Great-West Lifeco Inc. (GWLIF) Q3 2024 Earnings Call Transcript:
Financial Performance:
Great-West Lifeco reported record base earnings for the fifth consecutive quarter with a 35% growth in the US segment.
Base earnings were over $1 billion, with base EPS at $1.14, increasing by 12%.
Base return on equity (ROE) increased to 17.3%, which is above their targeted range.
Business Progress:
Significant growth was driven by the Wealth & Retirement business.
Strategic agreements like the one with Primerica Life Insurance in Canada aimed to enhance their wealth management offerings.
The acquisition of Plan Management Corporation by Empower will enhance their digital equity plan administration capabilities.
Opportunities:
They anticipate continued growth driven by the Microsoft Cloud, with expectations for capital expenditure to increase sequentially each quarter throughout the year.
Part of the growth will come from strategic partnerships and acquisitions aimed at enhancing service offerings and market reach.
Risks:
There are market and operational risks involved, particularly with growing competition and potential regulatory changes affecting the business landscape.
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