Great-West Lifeco reports stronger third-quarter profit

Thu Nov 6, 2014 2:02pm EST
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TORONTO Nov 6 (Reuters) - Great-West Lifeco Inc, Canada's second-largest life insurer, posted a stronger third-quarter profit on Thursday as its premiums and deposits rose from a year earlier.

Winnipeg, Manitoba-based Great-West, which is controlled by Power Financial Corp, earned C$687 million ($601.42 million) in the quarter, or 69 Canadian cents a share, up from a year-earlier profit of C$523 million, or 53 Canadian cents a share.

Analysts had forecast a profit of 63 Canadian cents a share.

The insurer said its premiums and deposits rose 1 percent to C$20.2 billion from a year earlier.

Great-West owns insurance subsidiaries including London Life and Canada Life, as well as Putnam Investments. Last year it acquired Irish Life, Ireland's largest life and pension company.

($1=$1.14 Canadian) (Reporting by Jeffrey Hodgson; Editing by Peter Galloway)