Great-West Lifeco Inc. has announced a dramatic shakeup of its executive team, on a day that also saw the company announce a significant upturn in profits in the first quarter.
The insurance company on Thursday announced that president and chief executive Allen Loney will retire, and be replaced by Paul Mahon. Mahon has been serving as president and COO for the company's Canadian operations.
Raymond McFeetors also stepped down as chairman of the company. McFeetors, who will continue to serve as a director, was replaced by Jeffrey Orr, a director since 2002 and president and chief executive of Power Financial Corp., Great-West's parent company.
Great-West also said Thursday it earned $517-million in its latest quarter, up from $449-million a year ago. The insurance company said the profit amounted to 54 cents per share for the quarter ended March 31 compared with a profit of 47 cents per share a year ago.
That was just above analysts' forecasts for profit per share of 53 Canadian cents, according to Thomson Reuters I/B/E/S.
Total net premiums for the quarter were $4.58-billion, up from $4.53-billion a year ago, while total net investment income grew to $1.83-billion, up from $1.25-billion.
Fee and other income was $778-million, up from $724-million.
Great-West has operations in Canada, the United States, Europe and Asia under the banners of Great-West Life Assurance, London Life Insurance, Canada Life Assurance, Great-West Life and Annuity Insurance and Putnam Investments.
Mahon will be replaced by Dave Johnston, an executive vice-president in the company's Group Insurance division.
With files from Reuters