Business
Great-West Lifeco announces an increase of 12% in quarterly common shareholders' dividend payable in December 2021
Great-West Lifeco announces an increase of 12% in quarterly common shareholders' dividend...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n \n \n \n Great-West Lifeco announces an increase of 12% in quarterly common shareholders' dividend payable in December 2021\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX:GWO\n \n \n \n \n WINNIPEG, MB\n \n ,\n \n Nov. 15, 2021\n \n /CNW/ - The Board of Directors of Great-West Lifeco Inc. (Great-West Lifeco or the Company) (TSX: GWO) announced today that it has declared an additional dividend of\n \n $0.052\n \n per outstanding common share, payable on\n \n December 31, 2021\n \n to all common shareholders of record at the close of business on\n \n December 3, 2021\n \n .\n \n \n Combined with its quarterly dividend to common shareholders of\n \n $0.438\n \n per share announced on\n \n November 3, 2021\n \n , this additional dividend results in a total quarterly dividend to common shareholders of\n \n $0.49\n \n per share, an increase of 12%.\n \n \n This additional dividend follows the announcement by the Office of the Superintendent of Financial Institutions (OSFI) on\n \n November 4, 2021\n \n that it has withdrawn its expectation that all federally regulated financial institutions halt dividend increases. OSFI adopted this expectation in\n \n March 2020\n \n at the start of the COVID-19 pandemic. Given the recent guidance from OSFI, the Company has decided to announce this dividend increase now rather than wait until the Q1 cycle that has been used in recent years.\n \n \n In addition, the Company is, for the first time, communicating a target dividend payout ratio range of 45% to 55% of base earnings that will be considered in dividend decisions moving forward.\n \n \n \"We have deployed significant capital over the last 18 months to strategic transactions that position Great-West Lifeco for continued growth and resilience. And we recently communicated medium term financial objectives including 8-10% annual base EPS growth and 14-15% base ROE. This new target dividend payout range supports our balanced approach to progressive dividend increases in line with expected earnings growth while maintaining financial stre...