For the whole business, base earnings of more than $1 billion or $1.11 per common share in the first quarter, reflects a 5% increase from $978 million a year ago, while net earnings from continuing operations were down to $860 million or $0.92 per common share in the first quarter, compared to $1 billion a year ago. This mostly reflects unfavourable market experience, particularly lower returns on real estate assets and interest rates.
“We delivered strong results in the first quarter, including double-digit base earnings growth in our Retirement and Wealth businesses,” said Paul Mahon, President and CEO, Great-West Lifeco. “Our US segment continues to be the leading driver of this growth, with strong net flows on the back of retirement plan wins and excellent momentum in rollover sales. While market volatility is elevated, the core business continues to perform, and our growth ambitions remain well supported by our strong capital generation and balance sheet.”
Meanwhile, iA Financial Group recorded core diluted earnings per common share of $2.91, up 19% year-over-year. Core return on common shareholders’ equity for the trailing 12 months was 16.1%. First quarter net income attributed to common shareholders was $186 million (down 20% year-over-year), diluted EPS was $1.98 and ROE for the trailing 12 months was 13.0%.
“After a solid performance in 2024, we continued to show strong momentum entering 2025 across all business units. The sales and earnings growth seen in both Canada and the US in the first quarter underscores the strength of our distribution network and diversified business model, positioning us strongly to achieve our new financial targets introduced at our Investor Event in February,” commented Denis Ricard, President and CEO of iA Financial Group. “In Canada, we maintained our strong sales position in our foundation businesses, comprising individual insurance, dealer services and segregated funds. In the US, Individual Insurance reported solid results, fueled by organic growth and acquisitions, and Dealer Services delivered the gradual improvement in earnings we had anticipated, reflecting our disciplined focus on execution.”
For wealth management, while the $106 million core earnings was down 5% from the previous quarter, it was up 12% from Q1 2024. Similarly, net income of $95 million was down 6% quarter-over-quarter, but up 8% year-over-year.
