Great-West Lifeco profit boosted by Irish Life acquisition

Wed Aug 6, 2014 4:38pm EDT
 
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TORONTO Aug 6 (Reuters) - Great-West Lifeco Inc, Canada's second-largest life insurer, said on Wednesday its second-quarter profit rose 18 percent, helped by the acquisition of Irish Life Group last year.

Winnipeg, Manitoba-based Great-West, which is 71-percent owned by Canadian holding company Power Financial Corp, earned a net C$615 million in the quarter, or 62 Canadian cents a share, up from a year-ago profit of C$521 million, or 55 Canadian cents a share.

The results met analysts' estimates of a profit of 62 Canadian cents a share.

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

Premiums and deposits rose 33 percent to C$20.4 billion in the quarter, with C$2.4 billion of that coming from Irish Life. In total, Irish Life contributed C$57 million to the company's bottom line, Great-West said. (Reporting by Cameron French; Editing by Lisa Shumaker)