Great-West Lifeco third-quarter profit rises 14 percent

Thu Nov 8, 2012 2:10pm EST
 

TORONTO (Reuters) - Great-West Lifeco GWO.TO, Canada's No. 2 life insurer, said on Thursday its profit rose 14 percent in the third quarter, driven by higher insurance and wealth management revenue.

Winnipeg, Manitoba-based Great-West, which is 72-percent owned by Canadian holding company Power Financial Corp (PWF.TO: Quote), earned a net C$520 million ($521.07 million), or 55 Canadian cents a share, in the quarter ended September 30.

That compared with a year-before profit of C$457 million, or 48 Canadian cents a share, a year earlier.

Analysts had expected a profit of 51 Canadian cents a share, according to Thomson Reuters I/B/E/S.

($1 = 0.9980 Canadian dollars)

(Reporting By Cameron French; Editing by Gerald E. McCormick)