11:39 AM EST, 11/07/2024 (MT Newswires) -- Great-West Lifeco ( GWLIF ) reported third quarter underlying EPS of $1.14 compared with National Bank's $1.10 estimate and consensus of $1.08. Reported EPS of $0.92 compares with National's $0.89 estimate and consensus of $0.94.

According to analyst Gabriel Dechaine, Great-West reported a good quarter, led by its Empower segment. "With current market tailwinds, we can expect continued double-digit growth from the business. However, strong markets have a negative impact on plan participant behaviour, highlighted, as evidenced by US$14 billion of outflows this quarter (i.e., up from US$4 billion of outflows during Q2/24)."

Dechaine continues to view Great-West as well positioned for M&A activity, with ample excess capital levels and lower-than-usual amounts of balance sheet leverage.

Target raised by $1, to $50. Maintain Sector Perform.

Price: 49.16, Change: +1.61, Percent Change: +3.39