Great-West Lifeco Inc.’s C$1.75 billion ($1.72 billion) agreement to buy Irish Life Group Ltd. signals a return to growth for the Canadian insurance industry that has spent years since the financial crisis seeking to contain damage from plunging stock prices.
Sun Life Financial Inc. rallied 40 percent last year as investors rewarded decisions to shed riskier assets and emphasize insurance and wealth management. Chief Executive Officer Dean Connor says the narrower focus can still boost earnings in 2013.
GMP Capital Inc. Canada’s second- largest non-bank brokerage, is poised to announce more cost cuts as a 25 percent drop in trading on the country’s two main stock exchanges leads to a third-straight quarter of per-share losses.
Bank of Montreal has spent 28 years trying to make inroads in the U.S. Midwest. The efforts of Canada’s fourth-largest lender are starting to pay off, thanks to its C$4.1 billion ($3.98 billion) takeover of Marshall & Ilsley Corp. in Wisconsin.
Bank of Nova Scotia, Canada’s third- largest lender, said quarterly profit climbed 13 percent as its ING Direct acquisition improved consumer-banking results. The firm also increased its quarterly dividend.