Great-West Lifeco reports stronger third-quarter profit

Thu Nov 6, 2014 2:06pm EST
 
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TORONTO (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.

(Reporting by Jeffrey Hodgson; Editing by Peter Galloway)