CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
GWO reported base earnings of CAD1,239M, up 20% Y/Y, and base EPS of CAD1.37, up 23% Y/Y. Base ROE reached 19.1%, up 190 bps Y/Y, meeting the company's medium-term objective of 19% for the first time. All four operating segments posted double-digit base earnings growth, driven by higher fee income from market appreciation, sustained Capital and Risk Solutions new business volumes, and improved insurance experience. The U.S. segment delivered strong performance with USD314M in base earnings, up 23% Y/Y, while Empower Retirement recorded USD5.3B in net plan flows. The company maintained a strong capital position with LICAT ratio of 129%, up 100 bps Q/Q, and base capital generation above 80%. Shareholder value return remained aggressive with CAD567M of shares repurchased during the quarter and quarterly dividend increased 10% to CAD0.67 per share. Total client assets stood at CAD3.3T with efficiency ratio improving 220 bps to 54.5%.