Great-West Lifeco profit drops on litigation costs

Thu Feb 7, 2013 2:42pm EST
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Feb 7 (Reuters) - Great-West Lifeco Inc, Canada's second-largest life insurer, said on Thursday its fourth-quarter profit fell by 43 percent as the company took a C$140 million litigation reserve.

Winnipeg, Manitoba-based Great-West, which is 72-percent owned by Canadian holding company Power Financial Corp, earned a net C$353 million ($353.76 million), or 37 Canadian cents a share. That was down from a year-before profit of C$624 million, or 66 Canadian cents per share.

On an operating basis, the company earned 52 Canadian cents a share, meeting analysts' expectations, according to Thomson Reuters I/B/E/S.

Great-West's shares were flat at C$25.97 on the Toronto Stock Exchange.