Canadian insurance company Great-West Lifeco (GWO) has reported a first-quarter net profit of $595 million, down 54% from $1.3 billion a year earlier.
The Winnipeg-based company said its revenue for the quarter ended March 31 totaled $808 million, up 14% from $712 million a year earlier.
Earnings per share for Q1 came in at $0.64, down 55% from $1.43 in the first quarter of 2022.
The company blamed the poor results on losses in its non-fixed income assets and impacts from higher interest rates.
Great-West Lifeco added that the increase in its revenue was largely driven by recent acquisitions, notably of Prudential Financial in April 2022.
The stock of Great-West Lifeco has increased 17% over the last 12 months to trade at $38.86 per share.
