Great-West Lifeco profit rises 1 pct

Thu Nov 7, 2013 1:19pm EST
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TORONTO Nov 7 (Reuters) - Great-West Lifeco, Canada's No. 2 life insurer, said on Thursday its third-quarter profit rose 1 percent as a 27 percent rise in premiums and deposits was offset by acquisition-related costs.

Winnipeg, Manitoba-based Great-West, which is 72-percent owned by Canadian holding company Power Financial Corp, earned a net C$523 million ($500.60 million), or 53 Canadian cents a share, in the quarter ended Sept. 30.

That compared with a year-before profit of C$518 million, or 55 Canadian cents a share.

Excluding acquisitions and restructuring costs related to the company's purchase of Irish Life earlier this year, Great-West earned 59 Canadian cents per share, in line with analysts' expectations, according to Thomson Reuters I/B/E/S.