Great-West Lifeco 3rd-quarter profit rises 14 pct

Thu Nov 8, 2012 1:40pm EST
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TORONTO Nov 8 (Reuters) - Great-West Lifeco, 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, earned a net C$520 million ($521.07 million), or 55 Canadian cents a share, in the quarter ended Sept. 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.