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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