Great-West Life Reported Middling Results in Fourth Quarter and Increased Its Dividend by 6%

No-moat-rated Great West Life reported middling results in the fourth quarter with base earnings of CAD 892 million or CAD 0.96 per share, up 8.1% compared with CAD 825 million or $0.89 per share in the fourth quarter of the previous year. The fourth-quarter results equated to an adjusted return on equity of 13.6%. The company also announced a 6% increase in its dividend, resulting in a quarterly dividend of CAD 0.52 per share. We are maintaining our CAD 35 fair value estimate for Great West Life after incorporating the latest results.